P&G on the stock exchange
Procter & Gamble (NYSE:PG) shares soared 4.14% to $163.33 in the moment. As of 1:00 p.m. ET, the stock was up 4.26% to $163.04 per share. This is evidenced by the NYSE trading data.
The consumer products company reported revenue of $21 billion for the period ended December 31, up 6% from a year earlier, thanks in part to the company's highest average price increase since spring 2019. This was reported by the Wall Street Journal.
P&G said prices rose 3% on average in the most recent quarter, with price increases accounting for half of the company's revenue growth in the period. The other half was accounted for by higher volumes. Procter & Gamble said it expects to spend $2.8 billion more on expenses in fiscal 2022, up $500 million from last quarter's forecast. Estimates of expected earnings remained unchanged.
Analysts polled by FactSet had expected adjusted earnings of $1.65 per share on revenue of $20.34 billion.
The Procter & Gamble Company is an American multinational company, one of the leaders in the global consumer products market. The company was founded in 1837 by two industrialists William Procter and James Gamble.
Today, the company is the world's largest advertiser, with advertising costs exceeding $8 billion.
