Procter & Gamble: profit rises on higher prices

(CercleFinance.com) - Procter & Gamble has reported a 4% rise in its second-quarter profit, even as the consumer-goods giant raised its prices.


The Cincinnati, Ohio, maker of Tide detergent and Pampers diapers said that net income attributable to the company rose to 3.85 billion dollars, or 1.53 dollar per share in the quarter ended 31 December, compared with 3.72 billion dollars, or 1.47 dollar per share, a year ago.

The consensus was looking for EPS of 1.51 dollar.

Net sales in the past quarter rose to 19.7 billion dollars, up 8% from the previous year, P&G said, while organic sales, which exclude the impacts of foreign exchange, acquisitions and divestments, also rose 8%.

The increase was driven by a 5% increase in shipment volumes, and a 1% increase thanks to price increases, the company said.

P&G raised its outlook for fiscal 2021, now forecasting organic sales growth of 5%-6%, from a previous forecast range of 4%-5%.

It also raised guidance for core EPS growth from a 5%-8% to 8%-10% relative to fiscal year 2020, details which prompted a 1% rise in the shares in pre-market trading on Wednesday.

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