Procter & Gamble beats on earnings, shares rise in pre-market

Consumer goods giant Procter & Gamble reported its first quarter earnings on Tuesday, which showed an increase in profit from the same period last year, sending shares in the company 1.1% higher in pre-market trading.

P&G, who count on a wide variety of brands including Head and Shoulders shampoo and Gillette razors, reported net income for the quarter came in at $2.70bn, or 96 cents per share.

In the corresponding quarter of 2015 it had net income of $2.60bn, or 91 cents per share.

Adjusted earnings for the quarter ended September 30 were $1.03, ahead of the $0.98 consensus given by analysts before the release.

President and chief executive officer of Procter & Gamble David Taylor said he was pleased with the results but that they could improve even further.

"Our first quarter results mark a good start to the fiscal year," said Taylor. "We delivered broad-based organic sales growth improvement across product categories and markets, as well as strong cost savings."

"We're pleased with the progress we're making but there is still more work to do to get back to the levels of balanced top and bottom-line growth and cash generation."