Top US Companies Admit to Hiking Prices to Pad Their Profits: Analysis – By Jake Johnson (Common Dreams) / June 13, 2023
“After an unprecedented 10 interest rate hikes in a row, it’s clear the corporate profiteering epidemic will persist no matter how many times the Fed doubles down,” said Liz Zelnick of Accountable.US.
An analysis released Tuesday shows that executives at some of the top publicly traded companies in the United States aren’t exactly being coy about using their pricing power to hike costs for consumers and boost revenues and profits—which are then dished out to wealthy shareholders.
The progressive watchdog group Accountable.US noted in its new report that “some of the largest general consumer S&P 500 companies have admitted to benefiting from increased prices as their net profits increased year-over-year and they rewarded shareholders with billions in handouts.”
The report quotes directly from the executives of Kimberly-Clark, PepsiCo, General Mills, Tyson Foods, and other major U.S. companies.
Nelson Urdaneta, Kimberly-Clark’s chief financial officer, said during the company’s earnings call in April that “pricing has continued to be the big driver behind our top-line growth over the last three quarters.”
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