Procter & Gamble Co. (PG) – Get Report posted stronger-than-expected third quarter earnings Tuesday whereas sustaining its full-year for natural income development, as stay-at-home gross sales linked to the coronavirus pandemic boosted its prime and backside traces.
Procter & Gamble mentioned core earnings for the three months ending in March, the corporate’s fiscal third quarter, got here it at $1.26 per share, up 12.5% from the identical interval final 12 months and seven cents forward of the Avenue consensus forecast of $1.19 per share. Group revenues, the corporate mentioned, rose 5% to $18.1 billion, once more topping analysts’ estimates of an $17.92 billion tally.
Trying into the group’s 2020 fiscal 12 months, P&G reiterated its earlier forecasts, which see core earnings development of between 8% and 11%, and a 4% to five% achieve for natural gross sales development.
“We delivered one other quarter of strong top-line, bottom-line and money ends in what continues to be a difficult working atmosphere,” mentioned CEO David Taylor. “We stay targeted on executing our methods of superiority, productiveness, constructive disruption and bettering P&G’s group and tradition.”
“These methods enabled us to construct robust enterprise momentum earlier than the COVID disaster and speed up our progress in the course of the disaster, they usually stay the suitable methods to ship balanced development and worth creation over the long run,” he added.
P&G shares had been marked 0.3% increased in pre-market buying and selling instantly following the earnings launch to point a gap bell value of $136.60 every.
Material and residential care gross sales, which embody cleansing merchandise resembling Comet, Pleasure, Febreze and Cascade, rose 7% from final 12 months, slowing sharply from the 12% tempo over the three months ending in December, whereas child, female and household care phase gross sales had been basically flat to 2002 ranges. Magnificence gross sales rose 7%, the corporate mentioned, whereas private grooming gross sales, which incorporates skincare merchandise, rose 4% from final 12 months, Procter & Gamble mentioned.