PG & CL: 2 consumer stocks to watch as spending rises 1.1% in June

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 PG & CL: 2 consumer stocks to watch as spending rises 1.1% in June
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  • Both PG and CL stock declined on Friday morning following their earnings release.
  • Procter & Gamble Company (NYSE: PG) reported a five per cent increase in its fiscal 2022 net sales.
  • Colgate-Palmolive Company (NYSE: CL) named Stephan Habif as its CTO on Friday.

Stocks of Procter & Gamble Company (NYSE: PG) and Colgate-Palmolive Company (NYSE: CL) began trending on Friday, July 29, following their quarterly earnings release. The surge in their stocks also came as the US Commerce Department reported that the country's consumer spending rose 1.1 per cent in June.

Another report released by the Commerce Department on Friday reportedly noted that the country's PCE price index rose one per cent in June, its highest monthly gain since 2005. On an annual basis, the PCE price index is said to have increased at a rate of 6.8 per cent, marking its largest increase since 1982.

Now. let's explore PG and CL stocks' latest earnings.

Procter & Gamble Company (NYSE: PG)

PG stock fell more than six per cent to trade at US$ 138.71 at 11:20 am ET on July 29, after reporting its fourth-quarter financial results.

In the fourth quarter of fiscal 2022, Procter & Gamble reported net sales of US$ 19.5 billion, up three per cent from US$ 18.9 billion in the year-ago quarter.

Its attributable net income rose at a rate of five per cent to US$ 3.05 billion, or US$ 1.21 per diluted share, improving from US$ 2.90 billion, or US$ 1.13 per diluted share, in Q4 FY21.

The Cincinnati, Ohio-based consumer goods firm reported a five per cent increase in its GAAP net sales of US$ 80.2 billion in FY22, compared to that of US$ 76.1 billion in the prior year.

Its attributable net earnings rose US$ 14.74 billion, or US$ 5.81 per diluted share in the latest fiscal, versus US$ 14.30 billion, or US$ 5.50 per diluted share in FY21.

2 consumer goods company and their revenue comparison

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Colgate-Palmolive Company (NYSE: CL)

CL stock showed a loss of 0.63 per cent at 11:21 am on July 29 and traded at US$78.69. Colgate-Palmolive named Stephan Habif as its Chief Technology Officer (CTO) on Friday, July 29.

The net sales of the consumer products firm increased by 5.5 per cent to US$ 4.48 billion in Q2 FY22 from US$ 4.26 billion in the year-ago quarter. Its attributable net income was US$ 603 million, or US$ 0.72 per diluted share, comparatively less than US$ 703 million, or US$ 0.83 per diluted share in Q2 FY21.

For the six months ended on June 30, 2022, its net sales were US$ 8.88 billion, and its net income was US$ 1.16 billion. In contrast, its net sales and net income for the first six months of fiscal 2021 were US$ 8.60 billion, and US$ 1.38 billion, respectively.

Bottom line

The Federal Reserve has raised the interest rates by two and a quarter per cent in total through March. In March, Fed announced a 25 basis point hike, following a 50 basis hike in May, and two consecutive hikes of 75 basis points in June and July.

Despite this effort, inflation has been at its peak in the US, fuelling concerns about recession. Hence, the investors should closely focus on the risk before exploring the market.


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