Procter & Gamble $PG gains 4% premarket as Q3 sales rise 7%, EPS beats

Procter & Gamble $PG rose about 4% in premarket trading on April 24 after fiscal third-quarter results beat estimates and, more importantly for a staples name, volume turned positive across the portfolio. CNBC said quarterly revenue was $21.24B and core EPS was $1.59 versus consensus for $20.5B and $1.56. A modest stock move is normal for $PG, but the beat mattered because investors have been watching for evidence that price-led growth can turn back into unit growth.

P&G's earnings release said net sales increased 7% to $21.2B and organic sales rose 3%. Diluted EPS was $1.63, up 6%, while core EPS was $1.59, up 3%. Net earnings and operating cash flow both came in around $4.0B. The company returned $3.2B to shareholders in the quarter, including $2.5B in dividends and more than $600M of share repurchases.

• Revenue: $21.24B vs $20.5B expected
• Core EPS: $1.59 vs $1.56 expected
• Companywide volume: up 2%, first positive reading in a year, according to CNBC
• FY2026 guide maintained: sales growth +1% to +5%, diluted EPS growth +1% to +6%

Category mix supported the quarter. CNBC said beauty volume rose 5%, baby, feminine and family care volume increased 3%, and fabric and home care gained 2%, while grooming and health care both fell 2%. CEO Jon Moeller called the result "solid acceleration in top-line results." The company still flagged a $150M transportation and fuel headwind for the fourth quarter, which is why the beat looked more like steady execution than a full re-rating event.

The broader read-through is that staples investors wanted proof that pricing power had not exhausted the consumer. Positive volume growth gives $PG a cleaner base going into the second half of the fiscal year, even with cost pressure still present. For a defensive name, that is enough to matter because stable volume, cash generation and unchanged guidance usually drive the valuation more than headline excitement.

Not investment advice. Verify all figures with primary sources before acting.