Shares of Procter & Gamble (PG) rose 2.9% on Thursday. The packaged consumer goods company reported its first quarter results before the market open.
First Quarter Results
Procter & Gamble reported first quarter revenues of $20.74 billion, down 4% on the year. A strong dollar impacted revenues by 6%. On average, analysts expected the company to report revenues of $20.78 billion.
The company boosted its gross margins by 80 basis points on higher pricing and manufacturing savings. General and administrative expenses fell by 10 basis points, excluding one-time items. The job cuts announced during the summer, already had a positive impact on margins.
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