Procter & Gamble Co. (NYS:PG) shares rose 0.8% in Wednesday premarket trading after the consumer products company reported fiscal second quarter results that beat expectations and narrowed its full-year sales guidance. Net income totaled $4.22 billion, or $1.66 per share, up from $3.85 billion, or $1.47 per share, last year. Sales of $20.95 billion were up from $19.75 billion last year. The FactSet consensus was for EPS of $1.65 and sales of $20.34 billion. "These results keep us on track to deliver our earnings outlook and to raise estimates for sales growth, cash productivity and cash return to shareowners," said Chief Executive Jon Moeller in a statement. Organic sales were up across all segments, with health care and fabric and home care up 8%, and grooming and baby, feminine and family care up 5%. P&G brands include Bounty paper towels, Pantene hair products and Tide laundry care products. For fiscal 2022, P&G is guiding for sales growth in the range of 3% to 4%, up from a previous range of 2% to 4%. The FactSet consensus is for sales of $79.12 billion, implying 3.9% growth. EPS growth is still expected to be in the range of 6% to 9% from $5.50 last year, and adjusted EPS growth is forecast to be in the range of 3% to 6% from $5.66 last year. The FactSet consensus is for EPS of $5.91, suggesting 4.4% growth. P&G stock has gained 17.3% over the past year while the Dow Jones Industrial Average (DOW:DJIA) is up 14.4% for the period.
Jan. 19, 2022, 7:25 a.m. EST