Tide detergent bottles, a Procter & Gamble product, are on sale at a pharmacy on July 30, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Procter & Gamble on Wednesday raised its outlook after second-quarter tax revenues rose 8%, fueled by higher demand for its cleaning and shaving and hairdressing products as the pandemic continues to guide consumer behavior.
Owner Tide now expects a 5% to 6% increase in sales in fiscal year 2021, up from its previous growth prospects of 3% to 4%. It also forecasts that its adjusted earnings will increase from 8% to 10%, up from the previous target of 5% to 8%.
The company’s shares increased by more than 2% in premarket trading.
Here is what the company reported compared to what Wall Street expected, based on a survey conducted by analysts by Refinitiv:
- Earnings per share: USD 1.64, adjusted compared to the expected USD 1.51
- Revenue: $ 19.75 billion compared to expected $ 19.27 billion
P&G reported second-quarter tax revenue of $ 3.85 billion, or $ 1.47 per share, up from $ 3.72 billion or $ 1.41 per share a year earlier.
Except for the articles, the company earned $ 1.64 per share, exceeding $ 1.51 per share expected by analysts surveyed by Refinitiv.
Net sales increased 8% to $ 19.75 billion, exceeding expectations of $ 19.27 billion.
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