Closeup view of rolls of Charmin toilet paper in a home, San Ramon, California, March 25, 2020.
Smith Collection Gado | Getty Images
Procter & Gamble reported strong quarterly sales growth on Thursday as home-stuck consumers bought more tide detergents and Mr. Clean products.
The company's shares rose more than 2% in premarket trading.
For the quarter ended June 30, the company reported against Wall Street expectations based on a Refinitiv analyst survey:
Earnings per share: $ 1.16, adjusted vs. $ 1.01 expected Revenue: $ 17.7 billion expected versus $ 16.97 billion
P&G reported fourth quarter net income of $ 2.8 billion, or $ 1.07 per share, after a loss of $ 5.2 billion, or $ 2.12 per share, the previous year.
Excluding items, the company earned $ 1.16 per share, exceeding Refinitiv's analysts' expected $ 1.01 per share.
Net sales rose 4% to $ 17.7 billion, exceeding expectations of $ 16.97 billion. Organic sales, which exclude the impact of currency fluctuations, acquisitions and divestitures, increased 6% in the quarter.
The company attributed the growth to higher demand in North America and China for household cleaning and healthcare products. In the cloth and home care segment, which also includes cleaning products for tides and comets, sales increased by 11% in the quarter.
For the 2021 financial year, the company expects sales growth of 1% to 3% and organic sales growth of 2% to 4%. Earnings growth of 6% to 10% is forecast.
P&G also expects to pay $ 8 billion in dividends and buy back $ 6 to $ 8 million of its shares in the 2021 fiscal year.
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