P&G revenue, profit steady as health sales rise

Consumer products conglomerate Procter & Gamble posted relatively steady revenue and profit in the fiscal first quarter ended Sept. 30.

P&G maintained its 2017 fiscal-year revenue forecast of 1%, despite what it called currency pressures and "minor brand divestitures."

In its fiscal first quarter, P&G's sales were flat at $16.5 billion, compared to a year earlier. That matched S&P Global Market Intelligence estimates.

The company recorded net earnings of $2.7 billion, up 4.3% and meeting expectations. On a per share basis, that equaled 99 cents.

P&G shares (PG) rose 2.3% in pre-market trading to $86.

Sales were down about 1% in four of P&G's six segments: beauty, grooming, corporate and beauty, feminine and family care. But sales rose 4% in the health care category to $1.9 billion and sales rose 1% in the fabric and home care unit to $5.3 billion.

On an organic basis, which excludes the impacts of mergers and acquisitions and currency effects, total sales rose 3% and increased in all categories.

“Our first quarter results mark a good start to the fiscal year,” CEO David Taylor said. "We’re pleased with the progress we’re making, but there is still more work to do to get back to the levels of balanced top- and bottom-line growth and cash generation that will consistently put P&G shareholder value creation among the best in our industry.”

Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.