The Procter & Gamble Company has announced its third quarter 2022 results that showed net sales were $19.4 billion, compared to $18.1 billion in the previous year.
Operating cash flow was $3.2 billion for the quarter.
Gross profit was $9.05 billion, compared to $9.19 billion in the previous year.
Operating income was $4.02 billion, compared to $3.78 billion in the previous year.
Beauty Segment Results
Beauty segment organic sales increased 3%, compared to the previous year.
Skin and personal care organic sales increased low single digits due to increased pricing and market growth, partially offset by negative product mix.
Hair care organic sales increased low single digits, driven by increased pricing partially offset by pandemic-related volume slowdowns.
Grooming segment organic sales increased 8%, compared to the previous year. Shave care organic sales increased double digits due to innovation, market growth, increased pricing, and positive mix from growth of premium products and developed markets.
Fiscal 2022 Outlook
P&G raised its outlook for fiscal 2022 all-in sales growth from a range of 3-4% to a range of4-5%, compared to the prior fiscal year.
Net earnings for the period ended March 31, 2022, were $11.73 billion, as compared to $11.44 billion in the previous year.
Jon Moeller, president and CEO, said, "We delivered another quarter with strong sales growth and made sequential earnings growth progress despite significant and increasing cost headwinds. These results enable us to raise our top-line growth outlook for the fiscal year and to maintain our EPS guidance range. Our focus remains on the strategies of superiority, productivity, constructive disruption, and continually improving P&G’s organization and culture. These strategies have enabled us to build and sustain strong momentum. They remain the right strategies to manage through the near-term cost and operational challenges we’re facing and to deliver long-term balanced growth and value creation.”