CINCINNATI, United States — Procter & Gamble Co.'s quarterly revenue and profit beat Wall Street estimates on Tuesday, boosted by higher prices and more demand for its premium fabric care and beauty products.
Like other consumer goods makers, P&G has been raising prices on several products including baby and feminine care products.
For the third quarter, P&G posted a 5 percent rise in organic sales, a keenly watched metric that excludes the impact of acquisitions, divestitures and currency effects. Price hikes contributed 2 percentage points to the organic sales growth, the company said.
Organic sales in the company's fabric and home care business, the biggest contributor to total sales, rose 7 percent, boosted by its premium products.
The beauty business saw a 9 percent rise in organic sales, helped by the premium SK-II brand.
The maker of Tide detergent and Pampers diapers said net income attributable to the company rose to $2.75 billion, or $1.04 per share, in the quarter ended March 31, from $2.51 billion, or 95 cents per share, a year earlier.
Excluding items, the company earned $1.06 per share, beating the average analyst estimate of $1.03 per share.
Net sales rose 1.1 percent to $16.46 billion, beating analysts' average estimate of $16.37 billion, according to IBES data from Refinitiv.
By Soundarya J; editor: Maju Samuel.