Detail view of rolls of Charmin toilet paper in a domestic home, San Ramon, California, March 25, 2020.
Smith Collection | Gado | Getty Images
Procter & Gamble on Thursday reported strong quarterly revenue growth as consumers stuck at home bought more Tide laundry detergent and Mr. Clean products.
Shares of the company rose more than 2% in premarket trading.
Here’s what the company reported for the quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.16, adjusted, vs. $1.01 expected
- Revenue: $17.7 billion vs. $16.97 billion expected
P&G reported fiscal fourth-quarter net income of $2.8 billion, or $1.07 per share, up from a loss of $5.2 billion, or $2.12 per share, a year earlier.
Excluding items, the company earned $1.16 per share, topping the $1.01 per share expected by analysts surveyed by Refinitiv.
Net sales rose 4% to $17.7 billion, beating expectations of $16.97 billion. Organic sales, which strip out the impact of currency fluctuations, acquisitions and divestitures, rose 6% during the quarter.
The company attributed the growth to higher demand in North America and China for its household cleaning and personal health products. Its fabric and home care segment, which includes Tide and Comet cleaning products, saw sales rise 11% in the quarter.
In fiscal 2021, the company expects sales growth of 1% to 3% and organic revenue growth of 2% to 4%. It is forecasting earnings growth of 6% to 10%.
P&G also said that it expects to pay out $8 billion in dividends and buy back $6 billion to $8 million in its own shares in fiscal 2021.
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