Procter & Gamble (NYSE:PG) on Tuesday topped analysts’ estimates for quarterly earnings and revenue as consumers maintained pandemic buying trends like purchasing more cleaning supplies and started buying beauty products again.
The company, whose portfolio includes Tide detergent, Charmin toilet paper and Pampers diapers, also announced that it would implement price increases on some products this autumn.
For the third quarter ended March 31, net income rose to $3.27 billion, or $1.26 per share, up from $2.92 billion, or $1.12 per share, a year earlier. Analysts were expecting earnings per share of $1.19.
Net sales rose 5% to $18.1 billion, beating expectations of $17.9 billion. Organic revenue grew 4% in the quarter.
The company’s fabric and home care segment, which includes Comet cleaning products, reported organic sales growth of 7% compared with the same time a year ago, when many North American consumers were stockpiling cleaning supplies.
P&G’s beauty segment also reported organic revenue growth of 7%. Consumers have started buying skincare products, like its premium SK-II brand, again, and Chinese customers led growth in hair care products.
The company’s grooming segment, which includes Gillette and Venus, saw organic sales growth of 4%. Organic sales of shaving appliances rose more than 20%. Men, however, are still growing out their pandemic beards and bought fewer blades and razors than women.
PG slid $1.86, or 1.4%, to $134.75.