Procter & Gamble (NYSE: PG) on Tuesday again posted strong quarterly earnings, beating analysts’ expectations on the top and bottom line and allowing it to raise its sales and earnings outlook for the year.
The consumer giant has consistently been growing its sales, propelled by its innovation, marketing and a simplified organizational structure that has improved its speed to market. As of Monday’s close, P&G shares have risen nearly 30% year-to-date, boosting its market value to $298 billion.
Earnings per share came in at $1.37, adjusted, compared to the $1.24 experts expected. Revenue proved to be $17.80 billion, compared to the $17.42 billion expected
P&G reported fiscal first-quarter net income of $3.59 billion, or $1.36 per share, up from $3.20 billion, or $1.22 per share, a year earlier.
Excluding items, P&G earned $1.37 per share, beating the estimate of $1.24 per share expected by analysts.
Net sales rose 7% to $17.80 billion, topping expectations of $17.42 billion.
The company raised its outlook for fiscal 2020 all-in sales growth from a range of 3% to 4% to a range of 3% to 5% growth versus the prior fiscal year. It also said it now expects its core earnings per share to grow between 4% and 10% in fiscal 2020, from original expectations of 4% to 9% growth.
Its strongest growth came from its beauty business, health care business and fabric and home care. Stripping out the impact of currency and acquisitions, sales of the segments grew 10%, 9% and 8% respectively.
Shares spiked $4.48, or 3.8%, to $123.51
