Procter & Gamble Earnings Beat Expectations. Why the Stock Is Dropping.

Procter & Gamble topped quarterly earnings estimates and boosted guidance, but its stock was dropping as it fell short on sales. For its third fiscal quarter ended March 31, the consumer products company reported core earnings of $1.52 a share, beating Wall Street’s call for $1.42, according to FactSet. The company, which owns a range of brands from Bounty paper towels to Tide Laundry detergent, said sales rose in all categories except baby, feminine, and family care.