(P&G) Procter & Gamble reported a third-quarter 2022 sales of $19.4 billion, an increase of 7% from the prior year. The sales beat estimates of $18.73 billion.
The company said that its organic sales, excluding the impacts of foreign exchange, acquisitions and divestitures improved by 10%.
P&G said that the increase in third-quarter sales reflected a 3% uptick in shipment volumes, 5% gains from increased pricing, and 2% rise in geographic and product mix.
P&G reported a diluted earnings per share of $1.33 in the third quarter, an increase of 6% from the prior year quarter.
The company reported a 400 basis points decline in gross margin or 380 basis points adjusted for foreign exchange.
P&G upgraded its outlook for sales growth in FY22 to 4%-5% from the prior year, compared to its previous forecast of 3%-4% increase. The organic sales forecast was also raised to between 6%-7% from the previous 4%-5%.
The company also affirmed its guidance of FY22 GAAP diluted EPS growth of 6%-9% from the $5.50 reported in FY21.
PG: NYSE is up +1.62% on premarket.
