Procter & Gamble Co (NYSE:PG) stock fell over 0.6% on 21st April, 2021 (as of 10:57:33 UTC-4 · USD; Source: Google finance) after the company posted lower than expected results for the third quarter of FY 21 as the consumer products giant rode a sustained wave of demand for soaps, detergents and other cleaning product. Feminine Care organic sales were down low-singles mainly due to market softness in Europe, but share trends remained strong in the region and on a global basis. Baby Care was down mid-singles mainly due to market softness in Europe and heightened competitive activity in China. Further, Personal Health Care organic sales were down mid-singles, driven by a very weak cold, flu season on top of difficult comparisons in the base period. US sales in the respiratory category were down more than 40% in this March quarter versus last year.
The company has reported the net income of $3.27 billion, was up from $2.92 billion, last year. Organic sales rose up 4% for the quarter, volume was in line with year-ago, 2 points of pricing, 2 points of positive mix. Geographically, the organic sales growth was mixed. Overall focused markets rose 5%, with strong growth in the two largest markets. US organic sales up 7%, and Greater China sales were up 22%. European focused markets were down 2%, largely due to the impact of lockdowns in the region. Japan was down 5%.
Moreover, the company posted strong organic sales growth in most categories. Home Care was up high teens. Oral Care, Hair Care and Skin and Personal Care, up high-singles. Family Care and Grooming up mid-singles. Fabric Care up low-singles
Additionally, the company raised its quarterly cash dividend by 10% to $0.8698 per share. For fiscal 2021, P&G continues to project core EPS growth in the range of 8% to 10%. The FactSet consensus is for EPS of $5.68, which implies growth of 10.9%. The company has begun raising prices in the range of mid-to-high single digit percentages on the baby care, feminine care and adult incontinence product categories due to rising commodity costs. The increases will vary by brand and will go into effect in mid-September