Procter & Gamble (PG) Q2 2021 earnings top expectations
Bottles of Tide Laundry Detergent, a Procter & Gamble product, will be on sale at a pharmacy in Los Angeles, California on July 30, 2020.
Mario Tama | Getty Images
Procter & Gamble raised its outlook on Wednesday after sales rose 8% in the second quarter of the fiscal year. This is due to the increased demand for cleaning and shaving and styling products as the pandemic continues to affect consumer behavior.
The Tide owner now expects revenue growth of 5% to 6% for fiscal 2021, compared to its previous outlook of 3% to 4% growth. Adjusted earnings are also projected to increase 8% to 10% from the previous target of 5% to 8%.
The company’s shares rose more than 2% in premarket trading.
The company reported, versus Wall Street’s expectations based on an analyst survey by Refinitiv:
- Earnings per share: $ 1.64, adjusted versus expected $ 1.51
- Revenue: $ 19.75 billion versus $ 19.27 billion expected
P&G reported net income of $ 3.85 billion, or $ 1.47 per share, for the second quarter, compared to $ 3.72 billion or $ 1.41 per share last year.
Excluding items, the company earned $ 1.64 per share, beating the analysts surveyed by Refinitiv at $ 1.51 per share.
Net sales rose 8% to $ 19.75 billion, beating expectations of $ 19.27 billion.
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