Bottles of Tide detergent, a Procter & Gamble product, are displayed for sale in a pharmacy on July 30, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Procter & Gamble on Wednesday raised its outlook after its fiscal second-quarter revenue rose 8%, fueled by higher demand for its cleaning products and shaving and styling products as the pandemic continues to guide consumer behavior.
The Tide owner now expects sales growth of 5% to 6% in fiscal 2021, up from its prior outlook of 3% to 4% growth. It’s also forecasting that its adjusted earnings will rise 8% to 10%, up from the previous target of 5% to 8%.
Shares of the company jumped more than 2% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.64, adjusted, vs. $1.51 expected
- Revenue: $19.75 billion vs. $19.27 billion expected
P&G reported fiscal second-quarter net income of $3.85 billion, or $1.47 per share, up from $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 surveyed by Refinitiv.
Net sales rose 8% to $19.75 billion, topping expectations of $19.27 billion.
This story is developing. Please check back for updates.
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