Procter & Gamble Co (NYSE: PG) reported its financial results for the fourth quarter on Friday that beat Wall Street estimates. The company attributed its hawkish performance primarily to the healthcare and beauty segment. Shares of the company opened about 2.5% up on Friday.
Financial performance
Procter & Gamble posted $2.91 billion of net income in the fourth quarter that translates to $1.13 per share. In the comparable quarter of last year, its net income was capped at $2.80 billion or $1.07 per share.
P&G generated $18.95 billion of sales in the recent quarter that represents an annualised growth of 7.1%. According to FactSet, experts had forecast $18.40 billion of sales and $1.09 of EPS. As per the multinational consumer goods corporation, all of its businesses noted higher sales than last year.
Guidance for fiscal 2022
For fiscal 2022, Procter & Gamble forecasts an up to 6% increase in adjusted EPS. Sales are expected to grow by 2% to 4% this year. In comparison, the FactSet consensus is calling for a 4.2% and a 2.8% growth in adjusted EPS and sales, respectively.
Procter & Gamble had also topped estimates in the prior quarter (Q3).
John Muller to become the new CEO
In a related announcement, P&G said its CEO David Taylor will step down in November. The Cincinnati-based company’s current vice chairman and COO John Muller will take the helm upon Taylor’ departure, who will then become the executive chairman of P&G.
CEO David Taylor’s remarks on CNBC’s “Squawk Box”
In an interview with CNBC’s “Squawk Box”, CEO Taylor expressed confidence that P&G was well-positioned to perform well after the pandemic but also warned of challenging costs and operating environment.
“We are facing very significant commodity pressure. We’re estimating around $1.80 billion after tax. There will be some continued pandemic impacts on the consumers and supply chains, however, we still expect the markets to grow probably around 3.0%, and we’re going to work hard to make sure we grow faster than that and that our innovation accelerates markets,” Taylor said.
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