Procter & Gamble (PG)'s first quarter earnings for fiscal 2024 topped anal🅰yst expectations as higher prices boosted the company's sales of household necessities, even as some business segments saw consumers pull back.

The consumer goods manufacturer's 澳洲幸运5官方开奖结果体彩网:net income rose to $4.52 billion, or $1.83 per share, up roughly 17% from the year-ago quarter. Sales revenue climbed 6% year-over-year to $21.87 billion as the company increased prices on many of its beauty, fabric and home care, and health care items.

For the maker of household items such as Tide and Pampers, the key to weathering the turbulence of inflation in recent quarters has been successful management of prices and margins. In the first quarter of fiscal year 2024, the company posted a 460-basis-point increase in 澳洲幸运5官方开奖结果体彩网:gross margin on the combin💦ation of price increases, commodity costs, and production-related sa🧜vings.

It's unclear how long raising prices can continue to be effective for manufacturers, however. Staples including food and medical care commodities have increased in many recent months, according to the Labor Department's 澳洲幸运5官方开奖结果体彩网:Consumer Price Index. But as inflation cools, consumers may be less willing to pay higher prices. Still, consumer spending increased modestly across many categories over the summer as optimism about the state of the U.S. economy remained relatively steady.

Some of that consumer pullback may have already begun, though not enough to dent Procter & Gamble's financials. Volume of sales for its Grooming and Baby, Feminine & Family Care segments fell 2% and 3% respectively, even though higher prices drove sales revenue higher.

Procter shares were up about 1.8% in🥂 pre-market trading Wednesday, and are down about 3.5% since the beginning of tꩲhe year.