P&G says ‘momentum is generally building’ after solid Q4 results
- Procter & Gamble reports market-beating results for its fiscal Q4.
- CEO Jon Moeller discussed the earnings print today on CNBC.
- P&G stock has gained roughly 10% over the past two months.
Procter & Gamble Co (NYSE: PG) inched up this morning after reporting better-than-expected results for its fourth financial quarter.
P&G’s guidance for the full year
Copy link to sectionThe consumer goods giant also said that it now expects between $6.25 a share and $6.43 a share of earnings in fiscal 2024 on a 3.5% sales growth – roughly in line with Street estimates. On CNBC’s “Squawk Box”, CEO Jon Moeller said today:
We’ve certainly been encouraged by the quarter that we just completed; every category growing. Volumes coming along nicely. Momentum is generally building.
Inflation, he noted, was a mixed picture with some of the commodities easing while others still remaining tight. Procter & Gamble shares are now up 10% versus late May.
P&G continued to build share in Q4
Copy link to sectionP&G attributed strength in its recently concluded quarter higher pricing and favourable mix that helped drive a 380 basis points increase in gross margin. According to the Chief Executive:
We’ve built share. We were building share pre-COVID. We built share during COVID. We built share post-COVID. There’s some trade but the net is loyalty to brands that does the job.
Shipment volumes, though, were down 1.0% in the fourth quarter, as per the earnings press release. Wall Street currently has a consensus “overweight” rating on Procter & Gamble stock.
Notable figures in P&G Q4 earnings report
Copy link to section- Net income printed at $3.38 billion versus the year ago $3.05 billion
- Per-share earnings also climbed materially from $1.21 to $1.37
- Adjusted EPS also came in at $1.37 as per the earnings press release
- Sales went up about 5.5% on a year-over-year basis to $20.6 billion
- FactSet consensus was $1.32 per share on $20 billion of sales.
