Procter & Gamble (NYSE:PG) stock is on the rise Wednesday following the release of the consumer goods company’s earnings report for the fiscal third quarter of 2022.
Let’s start out with the company’s adjusted diluted earnings per share of $1.33. That’s a boon to PG stock as it beats out the $1.29 per share that Wall Street was expecting. It’s also a 6% increase year-over-year from the $1.26 reported in fiscal Q3 2021.
Moving on to revenue, Procter & Gamble reported $19.4 billion during its most recent earnings report. That’s another positive for PG stock compared to analysts’ revenue estimate of $18.73 billion. It also represents a 7% boost over the $18.1 billion reported during the same time last year.
Another interesting tidbit from the Procter & Gamble earnings report is an organic sales growth of 10%. This marks its biggest jump in organic sales since the company started tracking that data 20 years ago.
Procter & Gamble also provides a guidance update in its current earnings report. The company says it’s now targeting core earnings per share (EPS) growth of 3% for the fiscal full year of 2022. This is at the low end of its 3% to 6% guidance. The company attributes that to “increased cost and foreign exchange challenges.”
Jon Moeller, president and CEO of Procter & Gamble, said this in the earnings report.
“We delivered another quarter with strong sales growth and made sequential earnings growth progress despite significant and increasing cost headwinds. These results enable us to raise our top-line growth outlook for the fiscal year and to maintain our EPS guidance range.”
PG stock is up 3% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
