Procter & Gamble exceeded Wall Street expectations for first-quarter revenue and profit, driven by strong demand for beauty and hair-care products despite economic uncertainties. The company reduced its annual tariff cost estimate to $400 million after tax, down from $800 million, due to Canada lifting retaliatory tariffs. Shares were up 3% in premarket trading.

President Trump ended trade talks with Canada, causing uncertainty. P&G’s results mirrored those of Unilever, showing double-digit sales growth in beauty brands in the U.S. Overall volumes were flat, but rose in China. The company remains on track to meet annual targets in a challenging consumer and geopolitical environment.

Sales volumes in the beauty segment increased by 4% in the last quarter, with prices up 1% sequentially. P&G, like other companies, raised prices in the U.S. to counteract tariffs. Quarterly revenue grew 3% to $22.39 billion, beating estimates, with core earnings per share of $1.99 surpassing expectations by 9 cents.

Read more at Yahoo Finance: Procter & Gamble tops estimates on resilient demand for beauty, hair-care products