P&G raises forecast after earnings top expectations, fueled by 8% jump in sales - CNBC

Bottles of Tide detergent, a Procter & Gamble product, are displayed for sale in a pharmacy on July 30, 2020 in Los Angeles, California.

Mario Tama | Getty Images

Procter & Gamble on Wednesday raised its outlook after its fiscal second-quarter revenue rose 8%, fueled by higher demand for its cleaning products and shaving and styling products as the pandemic continues to guide consumer behavior.

The Tide owner now expects sales growth of 5% to 6% in fiscal 2021, up from its prior outlook of 3% to 4% growth. It's also forecasting that its adjusted earnings will rise 8% to 10%, up from the previous target of 5% to 8%.

Shares of the company jumped more than 2% in premarket trading.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $1.64, adjusted, vs. $1.51 expected
• Revenue: $19.75 billion vs. $19.27 billion expected

P&G reported fiscal second-quarter net income of $3.85 billion, or $1.47 per share, up from $3.72 billion, or $1.41 per share, a year earlier.

Excluding items, the company earned $1.64 per share, beating the $1.51 per share expected by analysts surveyed by Refinitiv.

Net sales rose 8% to $19.75 billion, topping expectations of $19.27 billion.

This story is developing. Please check back for updates.

Let's block ads! (Why?)

Article From & Read More ( P&G raises forecast after earnings top expectations, fueled by 8% jump in sales - CNBC )
https://ift.tt/39Og95B
Business

Bagikan Berita Ini