P&G slashes tariff impact by 50% as earnings beat estimates

PROCTER & Gamble reported better-than-expected sales for its first quarter as consumers brushed off price increases and snapped up its Gillette razors and Secret deodorant.

- BLOOMBERG

The company also cut its projected impact from tariffs in half.

The Cincinnati, Ohio-based company reported 2% organic revenue growth for the period - above the average analyst estimate. That measure strips out currency volatility and the impact of acquisitions. Revenue and earnings per share also surpassed expectations.

Both volume and sales increased more than expected for the company's beauty and grooming categories, leading sales growth in the quarter ended September 30. Those divisions offset weaker performance in other areas, such as baby, feminine and family care.

"The consumer environment is not great, but stable," Andre Schulten, P&G's chief financial officer said on a media call.