Procter & Gamble (NYSE:PG) reported an in-line 7.6% increase in fiscal first-quarter profits on Friday as the maker of Duracell batteries enjoyed a 4% jump in organic sales.
Shares of the blue-chip consumer products maker ticked slightly lower following the report.
P&G said it earned $3.03 billion, or $1.04 a share, last quarter, compared with a profit of $2.81 billion, or 96 cents a share, the year earlier.
Excluding one-time items, it earned $1.05 a share, down from $1.06 the year before but matching the Street’s view.
Revenue rose 2.2% to $21.21 billion, exceeding consensus calls from analysts for $21.04 billion. Organic sales and unit volume increased 4%. Gross margins dipped to 49% from 50.1%.
“P&G's first quarter results were consistent with our plans and expectations, putting us on track to deliver our goals for the fiscal year," P&G CEO A.G. Lafley said in a statement.
The world’s largest consumer-products company posted a 3% increase in net sales for fabric care and home care, while baby, feminine and family care sales jumped 5%.
However, P&G’s beauty and health-care sales dipped 1% and its grooming revenue slid 3%.
Looking ahead, P&G reaffirmed its full-year guidance for fiscal 2014, projecting organic sales growth of 3% to 4%.
Shares of the Cincinnati-based company slipped 0.38% to $80.30 ahead of Friday’s opening bell. P&G has trailed the broader markets this year, rising 18.7%, compared with 22.9% for the S&P 500.