Bottles of Tide detergent, a Procter & Gamble product, are on sale at a pharmacy on July 30, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Procter & Gamble raised its outlook on Wednesday after its second quarter tax revenue increased 8%, fueled by increased demand for its cleaning and shaving products and styling products, while the pandemic continues to drive consumer behavior.
The Tide owner now expects sales growth of 5% to 6% in fiscal year 2021, above his previous forecast of growth of 3% to 4%. It is also forecasting that its adjusted profit will rise from 8% to 10%, compared to the previous target of 5% to 8%.
The company’s shares jumped more than 2% in the pre-market.
Here’s what the company reported compared to what Wall Street expected, based on a survey of Refinitiv analysts:
- Earnings per share: $ 1.64, adjusted, against $ 1.51 expected
- Revenue: $ 19.75 billion versus expected $ 19.27 billion
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 the items, the company earned $ 1.64 per share, exceeding the $ 1.51 per share expected by analysts polled by Refinitiv.
Liquid sales rose 8% to $ 19.75 billion, exceeding expectations of $ 19.27 billion.
This story is developing. Please check again for updates.