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10/19, 1:03 PM (Source: TeleTrader)
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P&G's Q1 sales increase 5% to $20.3 billion

The Procter & Gamble Company (P&G) unveiled on Tuesday that its net sales for the opening quarter of 2022 rose 5% on an annual basis, reaching $20.3 billion. The company's diluted earnings per share for the first quarter of 2022 came in at $1.61, 1% lower compared to the same quarter last year.

Net earnings declined 4% in the first three-month period, and amounted to $4.13 billion. The company attributed the trend to "a reduction in operating margin due to higher commodity and freight costs as anticipated."

"We delivered solid results in our first quarter of fiscal 2022 in a challenging cost and operating environment," CEO David Taylor commented.

P&G shares slid just under 1% in the premarket following the release.

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