Procter & Gamble Co (NYSE:PG) stock was down today on weak sales for its fiscal first quarter of 2018.
During its fiscal first quarter of 2017, Procter & Gamble Co reported net sales of $16.65 billion. This is an increase over its net sales of $16.52 billion from its fiscal third quarter of 2017. However, it was still bad news for PG stock by failing to meet Wall Street’s net sales estimate of $16.70 billion for the quarter.
Procter & Gamble Co reported that net sales were down 5% to $1.58 billion in its Grooming category. The company also saw net sales from its Care category decline by 1% during the quarter to $4.55 billion.
Despite poor net sales for the fiscal first quarter of 2018, Procter & Gamble Co reported earnings per share of $1.09 for the quarter. This is up from its earnings per share of $1.03 from the same period of the year prior. It also just beat out analysts’ earnings per share estimate of $1.08 for its fiscal first quarter of 2018.
Operating income reported by Procter & Gamble Co in its fiscal first quarter of 2017 was $3.74 billion. This is down 1% from its operating income of $3.77 billion from the same time last year.
Procter & Gamble Co says that it is expecting its earnings per share for the fiscal full year of 2018 to increase by 5% to 7% from the year prior. The company reported earnings per share of $3.92 in fiscal 2017. Wall Street is estimating earnings per share of $4.17 from PG for its fiscal full year.
PG stock was down 3% as of Friday morning, but is up 5% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
