The Procter & Gamble Company (PG) reported a 9% increase in fiscal first-quarter earnings, driven by demand for its cleaning and laundry products during the coronavirus pandemic, as per reports. The company also raised its sales outlook and expectations for fiscal 2021.
An EPS of $1.63 was reported versus Wall Street estimates at $1.42. Revenue stood at $19.32 billion, higher than $18.38 billion expected. Net income stood at $4.28 billion.
Key Earning Highlights:
- Net sales increased 9% to $19.32 billion, exceeding expectations at $18.38 billion.
- Fabric and home care that includes Tide and Comet cleaning products witnessed an increase in organic sales by 14% in the quarter.
- The home care segment recorded organic sales increasing by 30%, caused by the demand for home cleaning products, like Mr. Clean.
- The health care unit, including Vicks, Pepto-Bismol, and Oral-B, also reported double-digit organic sales growth.
- P&G’s beauty segment witnessed an organic sales growth of 7%.
- Organic sales for its grooming business increased 6%, however, its shaving business, which includes Gillette and Venus brands, reported flat organic sales.
- Sales for women’s razors and blades increased by single digits.
- The company’s baby, health, and family care unit, including categories like Pampers diapers, Charmin toilet paper, and Bounty paper towels reported organic sales growth of 4%.
- P&G now expects full-year sales to rise 3% to 4%, compared with its earlier forecasts of 1% to 3%.
- P&G also expects full-year core earnings per share to be up 5% to 8%, compared with 3% to 7% earlier.
- The company aims to buy back $7 billion to $9 billion in shares for fiscal 2021.
The Procter & Gamble Company (PG), a Dow 30 component, supplies branded consumer packaged goods to consumers across the globe. To learn more about Procter & Gamble (PG) and to continue to track its progress please visit the Vista Partners Procter & Gamble Coverage Page.
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