Shares of Procter & Gamble are up 2.4% after the company reported fourth-quarter earnings and revenue that beat analysts’ expectations, driven by product price increases.

The company raised its product prices in response to spending pressures, a decision that has drawn criticism for putting profit ahead of customer needs.

However, company executives have defended the move, saying they have not experienced significant relief in their own input costs.

Between April and June, the company’s prices increased by 7%. The strategic move boosted net sales to $20.6 billion, offsetting a 1% decline in shipping volume and significant cost pressures.

Despite these positive results, P&G provided a weak outlook for its fiscal 2024 sales, forecasting sales growth of 3% to 4%, below Wall Street’s expectations of 4.5% sales growth.

The company also expects earnings per share growth between 6% and 9%, which is at the low end of analysts’ forecast of 8.8%.

Q4 2023 Results:

• Net Sales: Increased by 5% to $20.6 billion.
• Organic Sales: Increased by 8%.
• Diluted and Core EPS: Increased by 13% to $1.37.
• Operating cash flow was $5.3 billion and net earnings were $3.4 billion, with adjusted free cash flow productivity of 136%.

Fiscal Year 2023 Results:

• Net Sales: Increased by 2% to $82.0 billion.
• Organic Sales: Increased by 7%.
• Diluted and Core EPS: Increased by 2% to $5.90.
• Operating cash flow was $16.8 billion and net earnings were $14.7 billion. Adjusted free cash flow productivity was 95%.

Business Segment Performance:

• Beauty segment organic sales increased 11%
• Grooming segment organic sales increased 8%
• Health Care segment organic sales increased 5%
• Fabric and Home Care segment organic sales increased 8%
• Baby, Feminine and Family Care segment organic sales increased 9%