P&G CEO Jon Moeller sees robust business conditions despite the ongoing economic slowdown.
"Strong core business. Very strong topline growth, organic sales up 7%, growth in ten out of ten categories in almost every market," Moeller told Yahoo Finance Live (video above). "And we're dealing with the significant headwinds from the combination of commodities, foreign exchange, transportation, and warehousing."
Asked about price increases, Moeller said: "The consumer is resilient."
Asked about his view on a potential recession, the CEO said: "Not necessarily. I don't know how to answer that question definitively because... there are lots of variables that go into that. But if we look at consumer sentiment — and one measure of that is trade down to private label brand — we're seeing very little movement."
The comments comes following a better-than-expected quarter for the Tide maker after pushing through price increases on shoppers.
Here is how P&G performed compared to Wall Street estimates for its fiscal quarter:
Net Sales: $20.6 billion billion vs. $20.34 billion
Organic Revenue Growth: +7% vs. +5.1%
Diluted EPS: $1.57 vs. $1.55
Fiscal Year Outlook
Organic Revenue Growth: +3% to +5% vs. +5.2% (prior: +3% to +5%)
Core EPS Growth: +0% to +4% vs. +5.2% (prior: +0% to +4%)
Shares of P&G rose more than 2% in early trading on Wednesday.
Moeller's sentiments were shared by Brian Moynihan, the CEO of Bank of America. Moynihan also told Yahoo Finance that he sees a "resilient" consumer despite challenging economic headwinds.
"The real facts are today consumers are spending," Moynihan said. "Commercial credit is in great shape, even though things like housing and stuff like that have flattened out because that's the way the Fed slows down the economy. The reality is the consumers still are employed and earning money, and so the Fed's toughest job on inflation is also the best thing about the U.S. economy, which is a strong consumer."
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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