Procter & Gamble Co. (P&G) forecast full-year earnings below analysts' estimates on Friday, as the consumer goods giant struggles with surging transportation and commodity costs.
The company's shares fell 4% in premarket trading.
Waves of the pandemic, worker shortages and clogged shipping ports have snarled global supply chains, while a jump in prices of commodities including pulp, resin and polypropylene has also pinched profits of consumer goods companies.
P&G, the maker of Tide detergent, forecast average fiscal 2023 earnings per share of $5.93, below analysts' estimates of $6.02, with the company blaming about $3.3 billion of headwinds from a stronger dollar and higher commodity and freight costs.
A stronger greenback typically eats into profits of companies such as P&G that have sprawling global operations and convert foreign currencies into dollars.
Still, the company said net sales rose 3% to $19.52 billion in the fourth quarter ended June 30, beating analysts' estimates of $19.41 billion according to IBES data from Refinitiv, as it benefited from higher prices of its detergents and homecare products.
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