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.