P&G beats quarterly sales estimates, warns of cost pressures

Procter & Gamble Co reported fourth-quarter sales on Friday that beat analysts' estimates, but warned that rising commodity and freight costs would take a $1.9 billion bite out of its earnings this year.

The vaccine-aided easing of COVID-19 restrictions in the United States and parts of Europe helped the company post an 11% increase in sales at its beauty segment in the reported quarter, as consumers returning to social events, spent more on personal care products.

Procter & Gamble said net sales rose 7% to $18.95 billion in the quarter ended June 30, compared with estimates of $18.41 billion, according to IBES data from Refinitiv.

The company forecast fiscal 2022 core earnings per share to rise between 3% and 6%, and sales to increase in the 2% to 4% range.

Late on Thursday, the Tide detergent maker named Chief Operating Officer Jon Moeller as its new CEO, replacing David Taylor, who will become executive chairman on Nov. 1.