Investing.com - Procter & Gamble (NYSE:PG) reported net sales in its fiscal second quarter that topped analysts' estimates, fueled in large part by strong demand in its key US market.
Net sales at the consumer goods giant edged up by 2.1% to $21.88 billion during the quarter compared to the year-ago period, above expectations of $21.55 billion, according to Bloomberg consensus forecasts.
Average pricing had a neutral impact on sales growth over the course of the three months ended on December 31, while organic volumes increased by 2%, P&G said. Core earnings per share came in at $1.88, up from $1.84 year-on-year and also above projections of $1.86.
Following a series of price hikes in the wake of a pandemic-era downturn, the Tide laundry detergent manufacturer has pushed to roll out new and more affordable products to cater to lower-income customers hunting for cheaper labels.
P&G backed its full-year outlook for organic revenue growth of 3% to 5% year-over-year, although it flagged the impact of both foreign exchange headwinds and a post-tax commodity cost of around $200 million. Annual core earnings per share growth is seen rising by 5% to 7%.
"Our first-half results keep us on track to deliver within our guidance ranges on all key financial metrics for the fiscal year. We remain committed to our integrated growth strategy of a focused product portfolio of daily use categories where performance drives brand choice," said Chief Executive Officer Jon Moeller in a statement.
Shares in the group behind Pantene shampoo moved higher in premarket US trading on Wednesday.