Detailed view of Charmin toilet paper rolls in a domestic home, San Ramon, California, March 25, 2020.
Smith Collection Gado | Pictures of Getty
On Thursday Procter & Gamble reported strong quarterly revenue growth as home-stuck consumers bought more tidal wash detergent and Mr. Clean products.
The company’s shares rose more than 2% in the sales business.
Here’s what the company reported for the quarter ended June 30 compared to what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $ 1.16, adjusted, versus $ 1.01 expected
- Revenue: $ 17.7 billion expected $ 16.97 billion expected
P&G reported fourth-quarter tax revenue of $ 2.8 billion, or $ 1.07 per share, from a loss of $ 5.2 billion, or $ 2.12 per share, a year earlier.
In addition to items, the company earned $ 1.16 per share, exceeding the $ 1.01 per share expected by analysts surveyed by Refinitiv.
Net sales rose 4% to $ 17.7 billion and exceeded expectations of $ 16.97 billion. Organic sales, which offset the impact of currency movements, acquisitions and divestitures, increased by 6% during the quarter.
The company attributed the growth to higher demand in North America and China, its second-largest market, for cleaning homes and its personal health products. Its fabric and home care segment, which includes tide and comet cleaners, saw organic sales rise 14% in the quarter.
P&G’s infant, women’s and family care segment reported the highest increase in its second organic sales, up 5%. The category includes Pampers diapers, Bounty paper towels and Charmin toilet paper.
Its beauty products, which include Olay and Pantene, have seen organic sales growth of 3%. Organic sales of its precious SK-II leather line fell double-digit, driven by pandemic-related travel disruptions.
The healthcare segment of the company reported organic sales growth of 2%. Organic sales of its oral care products, which include Crest and Oral-B, fell as the dentist’s offices and electronics stores closed. But the segment’s personal healthcare products, including Vicks and Pepto-Bismol, have seen organic sales grow by double digits.
P&G’s grooming business was again the only segment to report declining organic sales. The company said some markets are peeling less due to the pandemic, leading to a one-half cut for its skin care business, which includes Gillette and Venus.
In fiscal 2021, the company expects global sales growth of 1% to 3% and organic revenue growth of 2% to 4%. It predicts earnings growth of 6% to 10%.
P&G also said it expects to pay $ 8 billion in dividends and buy back $ 6 billion to $ 8 million in its own shares in the 2021 fiscal year.
This story is developing. Please check back for updates.