P&G beats quarterly sales estimates,
warns of higher supply chain costs
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[October 19, 2021]
(Reuters) -Procter & Gamble Co beat
quarterly sales estimates on Tuesday as easing of pandemic-related
restrictions boosted demand for its personal care products, while the
company warned of higher commodity and transportation expenses. |
![](../images/101921pix/2021-10-19T110453Z_1_LYNXMPEH9I0KN_RTROPTP_4_CONSUMER-GOODS-ADVERTISING_small.JPG)
Tide laundry detergent, a product distributed by Procter & Gamble, is
pictured on sale at a Ralphs grocery store in Pasadena, California
January 21, 2014. REUTERS/Mario Anzuoni |
The
Tide detergent maker said it now expects a hit of about $2.3
billion related to commodity and freight costs this fiscal year,
compared with a prior forecast of about $1.9 billion, as the
stop-and-start nature of the pandemic, worker shortages and
clogged shipping ports affect global supply chains.
Price hikes due to the rising costs and an increase in demand
for personal care products spurred by people returning to social
events helped boost P&G's sales by 5% to $20.34 billion in the
first quarter.
Analysts had expected sales of $19.91 billion, according to IBES
data from Refinitiv.
Net income attributable to Procter & Gamble decreased 4% to
$4.11 billion, or $1.61 per share.
(Reporting by Uday Sampath in Bengaluru; Editing by Shounak
Dasgupta)
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