Tide laundry detergent is shown on display in Compton, California.
Mike Blake | Reuters
Procter & Gamble on Thursday reported mixed quarterly results as demand for its products fell.
The company, which owns Tide and Charmin, also slashed its full-year forecast for its core earnings per share and revenue.
Shares of the company fell 2% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.54 vs. $1.53 expected
- Revenue: $19.78 billion vs. $20.11 billion expected
Net sales dropped 2% to $19.78 billion. The company’s organic sales, which strip out acquisitions, divestitures and foreign currency, rose 1%.
P&G’s volume fell 1% in the quarter. Volume excludes pricing, which makes it a more accurate reflection of demand than sales.
P&G’s baby, feminine and family care division reported a 2% decline in the volume, the steepest decrease of its segments. All three parts of the business, which include Pampers diapers and Bounty paper towels, saw volume shrink during the quarter.
Both P&G’s health care and fabric and home care divisions saw volume fall 1%. Demand for its oral care products, like Oral-B toothbrushes and Crest toothpaste, shrank during the quarter. So did demand for its home care products, which include Cascade detergent and Swiffer mops.
The company’s beauty segment, which includes Olay and SK-II, reported flat volume for the quarter. P&G said volume declined in Greater China, its second-largest market.
P&G’s grooming business, which includes Gillette and Venus razors, was the only segment to report volume growth. Its volume ticked up 1%.
With one quarter left in its fiscal year, P&G is now expecting flat sales growth for fiscal 2025, down from its prior forecast of revenue growth of 2% to 4%. The company also cut its core earnings per share outlook to $6.72 to $6.82, down from its previous outlook of $6.91 to $7.05.
P&G reported third-quarter net income attributable to the company of $3.77 billion, or $1.54 per share, up from $3.75 billion, or $1.52 per share, a year earlier.
This story is developing. Please check back for updates.
