(C) Reuters. Tide laundry pods made by Procter and Gamble are shown for sale in California
(Reuters) – Procter & Gamble (NYSE:PG) Co beat quarterly sales estimates on Tuesday as the consumer products giant rode a sustained wave of demand for soaps, detergents and other cleaning products.
For over a year, the global health crisis has caused sales of P&G’s hygiene and washing products such as Charmin toilet paper and Tide laundry detergents to swell, as consumers stockpiled on essentials and cleaning supplies to stay prepared for more lockdowns.
The company said net sales rose 5% to $18.1 billion in the third quarter ended March 31, compared with analysts’ average estimate of $17.90 billion, according to IBES data from Refinitiv.
Net income attributable to the company rose to $3.27 billion, or $1.26 per share, from $2.92 billion, or $1.12 per share, a year earlier.
The company added that it has started raising prices on its baby care, feminine care and adult incontinence products in the United States to offset rising commodity costs.
Virus-led hygiene needs drive Procter & Gamble’s quarterly sales beat
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