宝洁四季度有机销售持平低于预期，2027财年EPS指引中点略低于一致预期

Procter & Gamble Company (PG) fell in early trading on Wednesday after the household products giant showed solid results across its key segments with its FQ4 earnings report.
Organic sales were flat during the quarter, missing the consensus estimate for a gain of 1.9%. Volume, pricing, and mix had a neutral impact on sales growth for the quarter
Notably, beauty segment organic sales increased 4% year-over-year as hair care increased mid-single digits driven by volume growth in Asia Pacific and Europe, innovation-driven pricing in Latin America and Asia Pacific, and favorable geographic mix. Personal care organic sales increased mid-single digits, driven by volume growth across all regions and higher pricing, primarily in North America, partially offset by unfavorable geographic mix. Skin care organic sales were unchanged as a favorable product mix, led by growth of the super-premium SK-II brand, was offset by a volume decline in Greater China.
Organic sales fell by 1% in the grooming and baby, feminine & family care segments during the quarter.
The Cincinnati-based company reported core gross margin for the quarter was unchanged from a year ago as 160 basis points of productivity savings, 40 basis points of net tariff benefit from recognized recoveries and higher costs, 20 basis points of other miscellaneous items and rounding, and 10 basis points of pricing benefit were offset by 120 basis points of unfavorable product mix, 70 basis points of product/package reinvestments, and 40 basis points of higher commodity costs.
Non-GAAP EPS of $1.43 beat the consensus estimate of $1.41 but fell short of last year's mark of $1.48.
Looking ahead, P&G (PG) now expects FY core EPS growth of 0% to 3%. The outlook equates to a range of $6.89 to $7.11 per share, with a mid-point estimate of $7.00 vs. $7.02 consensus.
CEO outlook: "In fiscal 2027, we expect to deliver progress on each of these key measures despite continued volatility. We believe the best path to sustainable, balanced growth is to double down on our strategy and put the consumer first in everything we do. Stronger, integrated execution to delight consumers with superior products at a superior value. We are confident in our plans to accelerate growth from semester to semester, and our investments will be funded with a strong productivity program. We are building momentum with consumers, and we are excited about the long-term opportunities ahead."
Shares of Procter & Gamble (PG) were down 3.9% in premarket trading. Peers Church & Dwight (CHD), Clorox (CLX), and Colgate-Palmolive (CL) are on watch as well. The ETFs with the highest weighting of P&G are the iShares US Consumer Staples ETF (IYK), the Vanguard Consumer Staples Index Fund ETF (VDC), and the Fidelity MSCI Consumer Staples Index ETF (FSTA).