CINCINNATI (AP) — Procter & Gamble Co.'s net income fell 2 percent in the fiscal first quarter, a sign that the consumer-goods giant is battling higher costs.
P&G, maker of Tide detergent and Pampers diapers, said net income fell to $3.02 billion from $3.08 billion. Per-share earnings were $1.03 per share, in line with analysts' estimates.
The decline came despite a revenue increase. Revenue rose 9 percent to $21.9 billion, beating analysts' estimates for $21.5 billion.
P&G said it expects revenue to increase 3 to 6 percent for the current fiscal year, which runs through June. Some of that gain will be thanks to higher prices. Like many companies, P&G has been raising prices on some products and trimming some of its own expenses to battle higher costs for raw materials.