Procter & Gamble on Tuesday reported quarterly revenue and revenue that beat analysts' expectations so they could increase sales and revenue prospects for the year.
Here is what the company reported compared to what Wall Street expected, based on a survey of Refinitive Analysts:
- Earnings per share: $ 1.37, adjusted, against $ 1.24 expected
- Revenue: 17 $ 80 billion, compared to $ 17.42 billion expected
P&G shares jumped 3.8% in premarket trading with the news. As of Monday's close, P&G shares were up nearly 30% the previous year, increasing the market value to $ 298 billion.
P&G reported first-quarter financial income of $ 3.59 billion, or $ 1
Excluding commodities, P&G earned $ 1.37 per share, beating its estimate of $ 1.24 per share as analysts expected.
Net sales rose 7% to $ 17.80 billion, topping expectations of $ 17.42 billion.
The company raised the prospect of total sales growth in 2020 from a range of 3% to 4% to a growth of between 3 and 5% compared to the previous financial year. It also said it now expects core earnings per share to grow between 4% and 10% in fiscal year 2020, from original expectations of growth of 4% to 9%.
The strongest growth came from the beauty business, health care and medicine and home nursing. By removing the effect of currency and acquisitions, sales of the segments increased by 10%, 9% and 8% respectively.
This growth balanced a continued move that the Gillette shaving business has on the company. The segment in the last quarter increased sales by only 1%, excluding the effect of currency and acquisitions.
The consumer giant has had strong sales, driven by innovation, marketing and a simplified organizational structure that has helped improve the speed of the market. In particular, it has been able to push sales volume higher, while still increasing prices.