Shares of Procter & Gamble (PG) dipped in premarket trading Thursday after the consumer goods giant’s fiscal third-quarter sales came in below analysts’ estimates and it cut its full-year outlook.
The parent of Tide laundry detergent, Bounty paper towels, and dozens of other brands reported core, or adjusted, earnings per share (EPS) of $1.54 on sales of $19.78 billion. Analysts polled by Visible Alpha had forecast $1.53 and $20.20 billion, respectively.
Net sales declined in P&G’s Beauty, Grooming, Fabric & Home Care, and Baby, Feminine & Family Care segments, while they were flat in the Health Care division.
CEO Says Outlook Lowered ‘To Reflect Underlying Market Conditions’
P&G trimmed its full-year outlook, with sales expected to be “approximately in-line” year-over-year, while core EPS is expected to grow 2% to 4%. Last quarter, the company affirmed its fiscal 2025 guidance of 2% to 4% sales growth and core EPS increasing by 6% to a midpoint of $6.98.
“We’re making appropriate adjustments to our near-term outlook to reflect underlying market conditions while remaining confident in the longer-term growth prospects for our brands and the markets where we compete,” CEO Jon Moeller said.
P&G shares declined nearly 2% shortly after results were released. They entered the day down just over 1% since the start of the year.
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