Procter & Gamble's quarterly revenue and profit has beaten Wall Street estimates, boosted by higher prices and more demand for its premium fabric care and beauty products.
Like other consumer goods makers, P&G has been raising prices on several products including baby and feminine care products.
For the third quarter, P&G posted a 5% rise in organic sales, a keenly watched metric that excludes the impact of acquisitions, divestitures and currency effects.
Price hikes contributed 2 percentage points to the organic sales growth, the company said.
Organic sales in the company’s fabric and home care business, the biggest contributor to total sales, rose 7%, boosted by its premium products.
The beauty business saw a 9% rise in organic sales, helped by the premium SK-II brand.
The maker of Tide detergent and Pampers diapers said net income attributable to the company rose to $2.75 billion, or $1.04 per share, in the quarter ended March 31, from $2.51 billion, or 95 cents per share, a year earlier.
Excluding items, the company earned $1.06 per share, beating the average analyst estimate of $1.03 per share.
Net sales rose 1.1% to $16.46 billion, beating analysts’ average estimate of $16.37 billion, according to IBES data from Refinitiv.