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Procter & Gamble Co. (NYSE:PG) shares rose in early trading on Friday after beating first-quarter estimates and raising its earnings outlook.
The company reported first-quarter adjusted earnings per share of $1.99 (+3% year over year), beating the analyst consensus estimate of $1.90. Quarterly sales of $22.386 billion outpaced the Street view of $22.175 billion.
Procter & Gamble said quarterly net sales rose 3%, while organic sales increased 2%, driven by a one-percent increase from higher pricing and a one-percent increase from favorable mix.
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Organic volume had a neutral impact on sales for the quarter.
The company reported $5.4 billion in operating cash flow and $4.8 billion in net earnings, with 102% free cash flow productivity.
Beauty segment organic sales increased 6% year over year.
Grooming segment organic sales increased 3% year over year, driven by innovation-driven pricing, primarily in North America and Europe.
The Health Care segment’s organic sales increased 1% year over year.
Fabric and Home Care segment organic sales were unchanged from the year-ago period.
Baby, Feminine, and Family Care segment organic sales were unchanged year over year.
Gross profit in the quarter under review soared 2% year over year to $11.499 billion.
Core gross margin for the quarter decreased 50 basis points versus the prior year, and on a currency-neutral basis decreased 30 basis points.
Quarterly operating profit increased 1% to $5.856 billion. The quarter’s core operating margin was unchanged from the prior year and increased 40 basis points on a currency-neutral basis.
Gross productivity savings of 230 basis points also contributed to the margin.
The company exited the quarter with cash and equivalents worth $9.556 billion.
Procter & Gamble reaffirmed its fiscal 2026 GAAP EPS guidance of $6.71 to $7.09, in line with the $6.91 analyst estimate.
The company raised its fiscal 2026 adjusted EPS guidance to $6.83-$7.10 from $6.83-$7.09, compared with the $6.97 analyst estimate.
It also nudged its sales outlook to $85.127 billion-$88.498 billion from $85.126 billion-$88.498 billion, versus expectations of $86.919 billion.
The company continues to expect a net headwind of roughly $250 million after-tax from modestly higher net interest expense and a higher core effective tax rate versus the prior year.
The company also continues to expect that favorable foreign exchange rates will be a tailwind of approximately $300 million after tax.
Collectively, these impacts amount to a $0.19 per-share headwind for fiscal 2026.
P&G continues to expect adjusted free cash flow productivity of 85% to 90%.
It plans to pay about $10 billion in dividends and repurchase roughly $5 billion of common stock in fiscal 2026.
PG Price Action: Procter & Gamble shares were up 2.35% at $155.78 at the time of publication on Friday, according to Benzinga Pro data.
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