Procter & Gamble reported its fiscal first quarter earnings that surpassed Wall Street expectations.
The consumer products company’s earnings came in at $1.57 per share, beating expectations of $1.54 per share (based on Refinitiv poll).
Revenue of $20.61 billion also topped analysts’ estimate of $20.28 billion. Unfavorable foreign exchange rates eroded revenue by 6%. When excluding the impact of acquisitions, divestitures and foreign currency, the company’s organic revenue rose 7%.
Procter & Gamble’s gross margin fell 1.6% compared with the year-ago period, weighed down by higher freight and commodity costs for the quarter ended Sept. 30.