Procter & Gamble beats estimates as sales jump 9%, raises forecast amid strong demand

Earnings

Procter & Gamble’s products include Crest toothpaste.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Procter & Gamble on Tuesday reported its quarterly revenue rose 9% as the coronavirus pandemic continued to fuel demand for its cleaning and laundry products.

On the heels of a strong quarter, P&G raised its sales outlook for fiscal 2021.

Shares of the company rose 1% 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: $1.63 vs. $1.42 expected
  • Revenue: $19.32 billion vs. $18.38 billion expected

The company reported fiscal first-quarter net income of $4.28 billion, or $1.63 per share, up from $3.59 billion, or $1.36 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings of $1.42 per share.

Net sales rose 9% to $19.32 billion, topping expectations of $18.38 billion.

P&G now expects sales growth of 3% to 4% during fiscal 2021, up from its prior forecast of 1% to 3%. Organic revenue is now forecast to rise between 4% to 5%, higher than its previous outlook of 2% to 4%.

This story is developing. Please check back for updates.

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