- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
CMSC | -0.21% | 24.72 | $ | |
CMSD | -1.21% | 24.78 | $ | |
SCS | 2.52% | 13.49 | $ | |
BCC | -0.36% | 140.98 | $ | |
NGG | -0.09% | 69.67 | $ | |
GSK | 0.42% | 40.88 | $ | |
JRI | 0.66% | 13.67 | $ | |
RIO | -0.08% | 71.17 | $ | |
RBGPF | 7.18% | 64.75 | $ | |
BTI | -0.71% | 36.58 | $ | |
BP | -0.1% | 31.39 | $ | |
BCE | -1.12% | 34.8 | $ | |
AZN | 0.37% | 77.91 | $ | |
RYCEF | 0.14% | 7.05 | $ | |
RELX | -0.21% | 47.46 | $ | |
VOD | -0.7% | 10.02 | $ |
Procter & Gamble profits rise on higher pricing
Quarterly profits edged higher at Procter & Gamble as the consumer goods giant implemented price increases with only a limited hit to demand, the company said Wednesday.
Maker of the Tide, Old Spice and Crest brands, P&G has been buffeted by the economy-wide surge in commodity prices and freight service costs, most recently exacerbated by the Russian invasion of Ukraine.
As the company has lifted prices in recent months to offset these expenses, the consumer reaction so far has been "about 20 to 30 percent more favorable than we would have assumed based on historical data," Chief Financial Officer Andre Schulten said on a conference call with reporters.
But Schulten noted there is no guarantee this trend will continue, saying "as more pricing flows through to the consumer, we expect that volume will have somewhat of a negative impact."
P&G reported a seven percent jump in revenues to $19.4 billion, due in part to five percent higher pricing. Profits rose three percent to $3.4 billion.
All five of P&G's product divisions scored higher net sales, with health leading, in part due to much greater sales of items to treat coughs, colds and the flu.
The company now sees $3.2 billion in additional costs in 2022 due to higher expenses for commodities and freight and unfavorable movements in the foreign exchange markets. That's $400 million higher than the prior estimate.
P&G lifted its full-year sales outlook, but maintained its profit forecast.
In the most recent quarter, P&G saw some deceleration in price increases in transportation and warehousing costs compared with the prior six months "but still significantly up," Schulten said.
The company is planning for continued inflation pressures due to supply chain woes and the impact of the Ukraine war on energy costs, Schulten said.
"It's not irrational to assume that we will see continued increases, but at a slightly slower pace," he said.
Shares of P&G rose 0.4 percent to $159.97 in pre-market trading.
H.Müller--CPN