Procter & Gamble Company exceeds expectations – the stock rises

Procter & Gamble Company (NYSE: PG) announced third quarter fiscal 2023 before the opening bell in the US on Friday.

World’s largest consumer goods company beat both revenue and earnings per share estimates for the quarter, sending the stock higher.

Company overview

• • Founded: October 31, 1837
  • Headquarters: Cincinnati, Ohio, United States
  • Number of employees: 101,000 (2021)
  • Industry: Consumer goods

• Key people: David S. Taylor (Executive Chairman), Jon R. Moeller (President and CEO)

The results

The company reported revenue of $20.1 billion vs. $19.28 billion expected.

EPS reported at $1.37 per share vs. analyst estimate of $1.323 per share.

CEO commentary

”We delivered strong results in the third quarter of fiscal year 2023 in what continues to be a very difficult cost and operating environment,” Jon Moeller, CEO of Procter & Gamble said about the latest results in a press release.

”Our team’s strong execution of our strategies and our progress through three quarters enable us to raise our fiscal year outlook for sales growth and cash return to shareowners and maintain our guidance range for EPS growth despite continued cost and foreign exchange headwinds. We remain committed to our integrated strategies of a focused product portfolio of daily use categories where performance drives brand choice, superiority, productivity, constructive disruption and an agile and accountable organization structure. These strategies have enabled us to build and sustain strong momentum, and we’re confident they remain the right strategies to deliver balanced growth and value creation going forward,” he concluded.

The latest results had a positive impact on the stock on Friday.

Share price was up by around 3%, trading at around $156.44 a share.

Stock performance

• 1 month: +6.58%
• 3 months: +9.38%
• Year-to-date: +3.18%
• 1 year: -3.02%

Procter & Gamble price targets

• Stifel Nicolaus: $147
• Berenberg Bank: $141
• Evercore ISI: $160
• Wells Fargo: $162
• CFRA: $152

Procter & Gamble Company is the 20^th largest company in the world with a market cap of $369.12 billion, according to CompaniesMarketCap.

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Sources: Procter & Gamble Company, TradingView, MarketWatch, MetaTrader 5, TipRanks, CompaniesMarketCap, Wikipedia