Procter & Gamble on Wednesday reported quarterly earnings and revenue that topped Wall Street’s expectations as price hikes helped to offset widespread inflation and a margins crunch.
The consumer goods giant reported a quarter riddled with economic challenges. Elevated commodity and freight costs dented the company’s margins, but higher prices and productivity savings helped counteract some of the drag on profits.
P&G’s gross margin fell 4 percentage points compared with the year-ago period, although its operating margin dropped just 0.1 percentage point in the quarter.
“If we look at the current situation in the markets — the imbalance between supply and demand, geopolitical disruption,…