Bottles of Tide Detergent, a Procter & Gamble product, will be on sale at a pharmacy on July 30, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Procter & Gamble increased its outlook on Wednesday after fiscal revenue rose 8% in the second quarter, fueled by increased demand for cleaning products and shaving and styling products, as the pandemic continues to drive consumer behavior.
The Tide owner now expects sales growth of 5% to 6% in fiscal 2021, compared to its outlook of 3% to 4%. He also predicts that adjusted earnings will rise by 8% to 10%, compared to the previous target of 5% to 8%.
The company’s shares jumped more than 2% in pre-market trading.
This is what the company reported compared to what Wall Street expected, based on a survey by analysts by Refinitiv:
- Earnings per share: $ 1.64, adjusted, compared to $ 1.51 expected
- Revenue: $ 19.75 billion expected at $ 19.27 billion
P&G reported second-quarter fiscal net income of $ 3.85 billion or $ 1.47 per share, compared to $ 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 interviewed by Refinitiv.
Net sales rose 8% to $ 19.75 billion, topping $ 19.27 billion.
This story unfolds. Please come and check for updates.