Procter & Gamble says its revenue climbed by 8% in fiscal Q2
- Procter & Gamble says its revenue climbed by 8% in fiscal Q2.
- The consumer goods corporation reports £2.82 billion of net earnings.
- P&G forecasts up to 6% of organic sales growth for the full year.
The Procter & Gamble Company (NYSE: PG) published its earnings report for the fiscal second quarter on Wednesday that topped analysts’ estimates for earnings and revenue. On the back of hawkish performance, the company also raised its guidance for the full year.
Procter & Gamble shares slid more than 0.5% in premarket trading on Wednesday and lost another 0.5% on market open. Including the price action, P&G is now trading at £96.68 per share. In comparison, it had plummeted to as low as £71.51 per share in the last week of March 2020 when the COVID-19 crisis restricted people to their homes.
P&G’s Q2 financial results versus analysts’ estimates
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
P&G reported £2.82 billion of net earnings in the second quarter that translates to £1.08 per share. On an adjusted basis, it earned £1.20 per share. At £14.46 billion, the Cincinnati-based company’s revenue in the recent quarter jumped 8% on a year over year basis. In the prior quarter (Q1), its net income had come in at £3.31 billion, as per the report published in October.
In comparison, analysts had forecast a lower £14.10 billion of revenue in Q2. Their estimate for per-share earnings stood at £1.11 per share. Procter & Gamble said that its organic sales saw an 8% annualised growth in the second quarter. Earlier this week, Procter & Gamble debuted LifeLab Everyday at all-virtual CES.
For the full financial year, P&G now expects its organic sales growth to fall in the range of 5% to 6%. In its earlier guidance, it had called for up to 5% of growth in annual organic sales. The U.S. firm expects £7.32 billion of share repurchase this year versus up to £6.59 billion expected earlier.
Other prominent figures in P&G’s earnings report
Other prominent figures in P&G’s earnings report on Wednesday include a 12% sales growth in its fabric and home-care segment, a 9% increase in health care division sales, and a 5% gain in sales from personal grooming unit.
The consumer goods corporation noted an increase in sales volumes as well as prices in the recent quarter. Procter & Gamble performed fairly upbeat in the stock market last year with an annual gain of more than 10%.
At the time of writing, the American multinational consumer goods corporation has a market cap of £241.60 billion and a price to earnings ratio of 25.46.