"P&G's Price Hikes Drive Earnings Growth Despite Inflation Challenges"
TL;DR
Procter & Gamble cut its annual profit forecast due to a writedown in the value of its Gillette business, but strong margins during the second quarter boosted its shares by more than 5%. The company's profit margins held up better than expected, with demand for daily-use products driving overall volumes up in the United States and Europe. Despite a $1.3 billion charge related to the Gillette business, P&G's core profit beat estimates at $1.84 per share, but its net sales missed estimates due to slowing demand in China.
Topics:businessbusiness-finance#business-finance#gillette#margins#procter-and-gamble#profit-forecast#second-quarter
- P&G's strong margins take heat off annual profit forecast cut Reuters
- Procter & Gamble price hikes boost revenue while Gillette write-down weighs on earnings CNBC
- Inflation-hit shoppers swallow P&G price hikes to boost company's earnings New York Post
- Procter & Gamble earnings boosted by another round of price increases MarketWatch
- P&G sales rise year-over-year in mixed Q2 earnings Yahoo Finance
Want the full story? Read the original reporting
Read on Reuters