Procter & Gamble 2Q Profit Tops Street Views

By Colin Kellaher

Procter & Gamble posted fiscal second-quarter earnings that topped Wall Street's expectations and raised the low end of its full-year profit forecast.

The Cincinnati consumer-products giant reported adjusted earnings of $1.84 a share, for the quarter ended Dec. 31, up from $1.59 a share a year earlier and ahead of the $1.70 a share that analysts polled by FactSet, on average, were expecting.

Sales rose 3% to $21.44 billion, a tad below the $21.48 billion Wall Street had penciled in, while organic sales, which exclude the impacts of foreign exchange, acquisitions and divestitures, rose 4%.

P&G said it now expects fiscal 2024 adjusted per-share earnings growth of 8%-9%, equating to a range of $6.37 to $6.43 a share, compared with a prior growth forecast of 6% to 9%. Analysts are looking for a full-year adjusted profit of $6.41 a share.

The company maintained its forecast for full-year sales growth of 2% to 4% and organic sales growth of 4% to 5%.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

January 23, 2024 07:12 ET (12:12 GMT)

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