The consumer goods multinational Procter & Gamble reported net income of $3.35 billion for the third quarter of fiscal 2022 ended March 31, or $1.33 per share, up 3% from the same period of the previous year.
According to FactSet, the numbers beat analysts’ projections, who had expected earnings per share of $1.29 and revenue of $18.71 billion. P&G’s organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, increased 10% – the biggest increase since the company began recording this indicator 20 years ago.
Sales increased in all categories. The Baby, Feminine and Family Care sector, for example, had revenue of US$ 4.93 billion, up 7%.
For fiscal 2022, the company has raised its outlook on all-in sales growth from 3% to 4% to a range of 4% to 5% versus the previous fiscal year. In addition, it raised its guidance for organic sales growth from a range of 4% to 5% to a range of 6% to 7%.
The company further confirmed its outlook for diluted net earnings per share growth in the range of 6% to 9% from earnings of $5.50 per share in fiscal 2021. Due to increased costs and foreign exchange challenges, the consumer goods company expect to be at the low end of the growth range at three percent.
“We delivered another quarter with strong sales growth and made sequential earnings growth progress despite significant and increasing cost headwinds,” said Jon Moeller, President and CEO of P&G.