Procter & Gamble PG +0.81% reported fiscal first-quarter earnings and sales that beat analysts’ estimates but the consumer goods giant warned that fiscal-year earnings would be at the low end of the company’s forecast. P&G blamed the stronger dollar and rising inflation.
The stock was rising 1.8% in premarket trading.
The company posted earnings in the period of $1.57 a share on sales of $20.6 billion, an increase of 1% from a year earlier. Organic sales in the period rose 7%.
Analysts surveyed by FactSet expected Procter & Gamble (ticker: PG), the maker of Tide laundry detergent, Pampers diapers and Crest toothpaste, to report fiscal first-quarter earnings of $1.54 a share on sales of $20.28 billion. A year earlier, the company posted a profit of $1.61 a share on sales of $20.34 billion.
