Procter & Gamble Co’s quarterly revenue and profit beat Wall Street estimates, boosted by higher prices and more demand for its premium fabric care and beauty products.
For the third quarter, P&G posted a 5% rise in organic sales, a heavily watched metric that excludes the impact of acquisitions, divestitures and currency effects. Price hikes contributed 2 percentage points to the organic sales growth, the company said. Net income attributable to the company rose to $2.75 billion, or $1.04 per share, in the quarter ended March 31, from $2.51 billion, or 95 cents per share, a year earlier. Excluding items, the company earned $1.06 per share, beating the average analyst estimate of $1.03 per share.