(Boursier.com) — Procter & Gamble raises its annual targets. The owner of the Tide and Pampers brands, which benefits from regular price increases, reduced raw material costs and productivity gains, now expects its ‘core’ EPS to increase by 10 to 11% in during the 2024 financial year, compared to growth of 8 to 9% previously. Adjusted EPS is therefore expected between $6.49 and $6.55 for organic growth confirmed between 4 and 5%.
For the quarter ended March 31, the firm recorded a net profit of $3.75 billion, or $1.52 per share, compared to $3.40 billion and $1.37 per share a year earlier. Adjusted EPS stood at $1.52 versus $1.41 consensus. Net sales increased 0.6% to $20.2 billion, slightly below expectations, as higher prices were partially offset by stable volumes and an unfavorable currency effect. Gross margin, an indicator of profitability, on the other hand, exceeded expectations.
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