Procter & Gamble stock gains in pre-market despite bleak sales outlook

Procter & Gamble (PG.US) stock jumped over 2.0% before the opening bell after the consumer packaged goods company posted better than expected first-quarter results. Company said that higher pricing had positive impact on sales, but cut its full-year sales guidance as a stronger USD weighed on its revenue from outside the US.

• Procter & Gamble earned $1.57 per, which beat FactSet consensus of $1.55. Revenue increased 1.3% to $20.61 billion, above market projections of $20.33 billion.
• Average prices jumped 9%, however sales volumes dropped 3%.
• The company said it expects fiscal 2023 sales to fall 1% to 3%, compared with its previous forecast of flat to 2% growth as international markets generate more than half of its revenue and appreciating USD will eat into annual sales by 6%, compared with a previous forecast of 3% point hit.
• P&G affirmed its EPS growth outlook of in-line to up 4%, but said it expects results to be at the low end of that guidance range. 

Procter & Gamble (PG.US) stock gains in premarket and is currently testing local resistance at $131.00 which is marked with previous price reactions. Source: xStation5