P&G Increases Prices and Cut Promotions
Procter & Gamble (NYSE:PG) reported numbers for its first quarter that were substantially in line with analysts’ expectations.
Sales rose 8.95 to $21.92 billion. Profits were $3.02 billion ($1.03 per share) compared to $3.08 billion ($1.03 per share) last year. The company had forecast earnings for the quarter at $1.00 to $1.04 per share, while analysts had expected $1.03.
The world’s largest household goods maker increased prices across major brands and cut promotion costs. The company’s guidance for the full year earnings per share is maintained at $4.17 to $4.33.
PG is closed at $65.26 today, up 0.48%. Shares are up 2.96% in one year. The stock’s trading range for the year is between $57.56 and $67.72.