Procter & Gamble it raised its annual sales forecast and beat estimates for quarterly results.
P&G’s gross margin in the third quarter increased 150 basis points year over year, an increase of 470 basis points due to higher prices. The company now projects an annual impact of approximately $3.5 billion related to rising raw material and transportation costs, as well as negative foreign rates, up from a previous estimate of $3.7 billion.
The company said it expects fiscal 2023 organic sales growth of about 6%, up from a previous forecast of an increase of between 4% and 5%.
P&G maintained its forecast for full-year earnings flat or up 4% and said it still expects earnings per share results toward the lower end of the guidance range.
On an adjusted basis, the company earned $1.37 per share, beating estimates of $1.32 per share.