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Bottles of Tide detergent, a Procter & Gamble product, go on sale at a drugstore on July 30, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Procter & Gamble raised its outlook on Wednesday after its second-quarter revenue rose 8%, fueled by increased demand for its cleaning and shaving and styling products as the pandemic continues to guide consumer behavior. consumers.
The owner of Tide now expects sales growth of 5% to 6% in fiscal 2021, compared to his earlier forecast of growth of 3% to 4%. He also expects his adjusted profit to increase by 8% to 10%, against the previous target of 5% to 8%.
The company’s shares jumped more than 2% in pre-market trading.
Here’s what the company reported compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: $ 1.64, adjusted, vs. $ 1.51 expected
- Turnover: 19.75 billion dollars against 19.27 billion dollars expected
P&G reported second-quarter net income of $ 3.85 billion, or $ 1.47 per share, from $ 3.72 billion, or $ 1.41 per share, a year earlier.
Excluding items, the company gained $ 1.64 per share, exceeding the $ 1.51 per share expected by analysts polled by Refinitiv.
Net sales rose 8% to $ 19.75 billion, beating expectations of $ 19.27 billion.
This story is developing. Please come back for updates.
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