10/19/2022, 1:01 PM (Source: TeleTrader)
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P&G's Q1 net sales rise by just 1% to $20.6 billion

The Procter & Gamble Company (P&G) announced on Wednesday its revenue in the first financial quarter of 2023 observed an annual rise of just 1% to hit $20.6 billion. Meanwhile, the company's net earnings advanced by 71% to reach $3.96 billion. Its diluted earnings per share (ESP), on the other hand, declined by 2% year-on-year from $1.61 to $1.57 per share.

"We delivered solid results in our first quarter of fiscal 2023 in a very difficult cost and operating environment. These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds," P&G Board Chairman, President and Chief Executive Officer (CEO) Jon Moeller commented on the report.

Following the release of the report, P&G's shares went up by 1.57% in premarket trading.

Baha Breaking News (BBN) / JR