Tide detergent bottles, a Procter & Gamble product, go on sale at a pharmacy on July 30, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Procter & Gamble on Wednesday boosted its outlook after second-quarter tax revenue rose 8%, driven by higher demand for cleaning and shaving products, as the pandemic continues to drive consumer behavior .
The Tide owner now expects 5% to 6% sales growth during fiscal 2021, more than its 3% to 4% growth forecast. It also expects its adjusted profits to increase from 8% to 10%, compared to the previous target of 5% to 8%.
The company’s shares jumped more than 2% in premarket trading.
This is what the company reported compared to what Wall Street expected, according to a survey by Refinitiv analysts:
- Earnings per share: $ 1.64, adjusted, versus $ 1.51 expected
- Revenue: $ 19.75 billion vs. $ 19.27 billion projected
P&G reported second-quarter net tax revenue of $ 3,858 million, or $ 1.47 per share, up from $ 3.72 million or $ 1.41 per share a year earlier.
Excluding items, the company earned $ 1.64 per share, surpassing the $ 1.51 per share expected by analysts surveyed by Refinitiv.
Net sales rose 8% to $ 19.75 billion, exceeding expectations of $ 19.27 billion.
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