Procter & Gamble increases profit forecast for the 2023/24 financial year

Procter & Gamble increases profit forecast for the 2023/24 financial year

Procter & Gamble, a US consumer goods company, is planning an increase in adjusted earnings per share of ten to eleven percent for the current year compared to the previous year. The company had originally forecast growth of eight to nine percent. Organic sales, which exclude currency effects and company sales, are expected to continue to increase by four to five percent. This optimism is supported by the prospect of reduced headwinds from currency influences and lower raw material costs.

In the third quarter, Procter & Gamble's net sales increased by one percent to around $20.2 billion compared to the same period last year. Organically, the company was able to increase sales by three percent, with price increases playing a role. Adjusted earnings per share for the quarter increased 11 percent to $1.52.

On the New York Stock Exchange, Procter & Gamble shares temporarily lost 0.79 percent and stood at $156.06. Despite the negative stock market trend, the company is raising its profit forecast for the 2023/24 financial year, which investors and market observers look forward to positively. Although the company's shares recorded losses, they showed an overall positive development in terms of expected profit increases.