4 Things to Expect From Procter & Gamble's Earnings Report
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Procter & Gamble Co. is set to report earnings Wednesday under more pressure than usual for Earth’s biggest marketing spender. For one thing, there’s an activist investor in the house: Nelson Peltz and his Trian Partners. He’s yet to drop the seemingly inevitable white paper telling P&G managers how to run and possibly break up their business.
On the plus side, P&G is on a roll of under-promising and over-delivering in recent quarters. It will be hard to keep that up, given relatively strong year-ago results in the fiscal third January-March quarter (“JFM” in P&G-speak) and hence a tougher comparison.
It will also be harder because global rival Unilever just reported first-quarter organic sales results above expectations by around 3% — despite flatish unit volume. Unilever disappointed the prior two quarters, and was thus, in the largely zero-sum game of slow-growing packaged goods, a market-share donor in P&G’s turnaround story. Not so much last quarter, it seems.
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