Procter & Gamble: swings back to quarterly profit
(CercleFinance.com) - Procter & Gamble swung to a quarterly profit as the consumer-goods giant bounced back from its result a year ago, which was weighed on by a huge impairment charge for its Gillette business.
On Thursday the maker of Pampers diapers and Tide laundry detergent said its fourth-quarter profit rose to 2.8 billion dollars, or 1.07 dollar per share, from a loss of 5.2 billion dollars, or 2.12 dollars a share, a year ago, thereby beating the consensus.
Sales rose 4% to 17.7 billion dollars, also topping Wall Street's view.
Excluding the impact of acquisitions, divestitures and currencies, organic growth - a closely watched metric for the marketing giant - reached 6%.
Performance was primarily driven by increased consumer demand for household cleaning, personal health and cleansing products, particularly in North America and China, relating to the Covid-19 pandemic.
P&G shares - which belong to the Dow Jones industrial average index - were up 2% in premarket trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
On Thursday the maker of Pampers diapers and Tide laundry detergent said its fourth-quarter profit rose to 2.8 billion dollars, or 1.07 dollar per share, from a loss of 5.2 billion dollars, or 2.12 dollars a share, a year ago, thereby beating the consensus.
Sales rose 4% to 17.7 billion dollars, also topping Wall Street's view.
Excluding the impact of acquisitions, divestitures and currencies, organic growth - a closely watched metric for the marketing giant - reached 6%.
Performance was primarily driven by increased consumer demand for household cleaning, personal health and cleansing products, particularly in North America and China, relating to the Covid-19 pandemic.
P&G shares - which belong to the Dow Jones industrial average index - were up 2% in premarket trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.