09:03 AM EDT, 10/18/2024 (MT Newswires) -- Procter & Gamble's ( PG ) first-quarter earnings topped market estimates while revenue fell short of expectations as the consumer goods company reiterated its guidance for the ongoing fiscal year.

Adjusted earnings rose to $1.93 per share for the three-month period ended September from $1.83 the year before, ahead of the Capital IQ-polled consensus of $1.90. Sales slipped to $21.74 billion from $21.87 billion last year, missing the Street's view for $21.98 billion.

The maker of Crest toothpaste and Pampers diapers reported overall gains of 1% in pricing, while volume and mix remained flat. Foreign exchange had a negative impact of 1% on the topline results, according to the company. On an organic basis, sales were up 2% for the quarter.

Sales in the beauty segment fell 5% to $3.89 billion, while grooming was unchanged at $1.72 billion. Health care and fabric and home care logged revenue gains of 2% and 1%, respectively. The baby, feminine and family care division saw sales decrease 2% to $5.1 billion.

Gross margin improved by 10 basis points on a currency-neutral basis year over year, aided by higher prices and productivity savings. Selling, general and administrative expenses fell to $5.52 billion from $5.6 billion in the prior-year period. The company recorded incremental after-tax charges of roughly $800 million as it completed its limited market portfolio restructuring, launched in the previous fiscal year, with the substantial liquidation of its operations in Argentina during the quarter.

"Our organic sales growth, earnings and cash results in the first quarter keep us on track to deliver within our guidance ranges on all key financial metrics for the fiscal year," Chief Executive Jon Moeller said in a statement. "We remain committed to our integrated growth strategy of a focused product portfolio."

Procter & Gamble ( PG ) continues to project adjusted EPS to be in a range of $6.91 to $7.05 for fiscal 2025. The Street is looking for normalized earnings of $6.95 per share.

The company also maintained its full-year sales growth outlook of 2% to 4%. Organic sales growth is still pegged at 3% to 5%. The market's current estimate is for revenue of $86.2 billion for the ongoing fiscal year.

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