Bottles of Tide laundry detergent, a Procter & Gamble product, will go 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 grew 8% in the second quarter of the fiscal year, fueled by increased demand for its cleaning and shaving and styling products as the pandemic continues to drive consumer behavior.
The Tide owner now expects revenue growth of 5% to 6% in fiscal 2021, up from the previous 3% to 4% growth outlook. It also forecasts adjusted earnings to grow 8% to 10%, compared to the previous target of 5% to 8%.
The company’s stock was up more than 2% in premarket trading.
Here’s what the company reported compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: $ 1.64, adjusted, vs. Expected $ 1.51
- Revenue: $ 19.75 billion vs. $ 19.27 billion expected
P&G reported second quarter net income of $ 3.85 billion, or $ 1.47 per share, compared to $ 3.72 billion or $ 1.41 per share a year earlier.
Excluding items, the company earned $ 1.64 per share, beating the $ 1.51 per share expected by analysts polled by Refinitiv.
Net sales Up 8% to $ 19.75 billion, exceeding expectations of $ 19.27 billion.
This story develops. Check the updates.