Procter & Gamble Co (NYSE:PG)
Cincinnati, Ohio-based Procter & Gamble early Friday announced higher-than-anticipated sales growth for its fiscal first quarter ended Sept. 30. 2018. The consumer goods maker attributed the surprise growth to strong demand for its home care and beauty products.
P&G also stuck to its full-year core earnings per share guidance. Shares of the company climbed 5% to $84.24 before markets opened Friday on the news. The stock has gone down 12.5% since the beginning of the year.
PG Earnings & Outlook
Net income attributable to the company was $3.2 billion, or $1.22 per share, compared with $2.85 billion, or $1.06 per share, in the earlier-year period. Earnings, adjusted for one-time items, were $1.12 per share, beating Wall Street estimates of $1.09 per share.
Sales came in at $16.69 billion for the quarter, compared with $16.65 billion the first-quarter of the previous year, and above analysts’ expectations of $16.46 billion.
Sales from its fabric & home care segment rose 2%, while beauty segment grew 5%. However, its grooming and health care units recorded declines of 1 percent and 3 percent, respectively. The company also saw sales in its baby, feminine and family care category drop by 1%.
For the full year, the company maintained its forecast for core earnings-per-share growth of between 3 and 8 percent. P&G also sees full-year organic sales growth of between 2 percent and 3 percent.
Procter & Gamble CEO Comments
“We generated strong consumption, organic volume and organic sales in the first quarter. This keeps us on track to deliver our top- and bottom-line targets for the fiscal year,” commented David Taylor, Chairman, President and Chief Executive Officer. “Our focus on superiority, productivity and improving P&G’s organization and culture is driving improved results.”
Procter & Gamble Company Profile
Procter & Gamble Co. engages in the provision of branded consumer packaged goods. It operates through the following segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers hair, skin, and personal care.
The Grooming segment comprises of shave care like female and male blades and razors, pre and post shave products, and appliances. The Healthcare segment includes oral care products like toothbrushes, toothpaste, and personal health care such as gastrointestinal, rapid diagnostics, respiratory, and vitamins, minerals, and supplements.
The Fabric and Home Care segment consist of fabric enhancers, laundry additives and detergents, and air, dish, and surface care. The Baby, Feminine and Family Care segment sells baby wipes, diapers, and pants, adult incontinence, feminine care, paper towels, tissues, and toilet paper.
The company was founded by William Procter and James Gamble in 1837 and is headquartered in Cincinnati, OH. – CNN Money