Shares of consumer goods company Procter & Gamble Co. (NYSE: PG) have edged higher in early trading today after the company reported better-than-expected second-quarter profit. The company also raised its earnings outlook.
For the quarter ended December 31, 2012, the Cincinnati, Ohio-based company reported earnings of $4.06 billion, or $1.39 per share, compared to $1.69 billion or $0.57 per share reported for the same period in the previous year.
Excluding one-time items, the company reported a profit of $1.22 per share for the quarter, easily beating analysts’ forecast of $1.11 per share. The company’s revenue for the quarter rose 2% to $22.18 billion, beating Street estimates of $21.86 billion.
PG’s organic sales for the quarter rose 3%, with all business segments increasing organic sales by 2% or more over the same period in the previous year. The company said that it held or grew its market share in businesses representing around 50% of sales in the quarter ended December 31, 2012.
Commenting on the second-quarter results, Bob McDonald, Chairman, President and CEO of Procter & Gamble, said that the company’s second-quarter results were at the high end of its expectations on the top-line and well ahead of forecast on operating profit, earnings per share and cash flow. McDonald noted that global market share trends improved as the company continued to implement its growth strategy and made very good progress against its productivity and cost savings goals.
Following the strong second-quarter results, Procter & Gamble raised its core earnings per share guidance for the full fiscal year to $3.97-$4.07. The company also raised its all-in GAAP earnings per share guidance to a range of $4.04-$4.14. Organic sales growth is expected to be 3% to 4% for fiscal 2013.
At last check, PG shares were trading 3.31% higher at $72.75 on volume of 3.99 million. The stock hit a 52-week high of $73.25 earlier today.
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