P&G up guidance following strong Q2
Consumer goods giant Procter & Gamble has upped its full-year guidance on the back of strong sales of products ranging from skin cream to fabric softener in its last trading quarter.
Dow Jones I.A.
41,794.60
04:30 15/10/20
Procter & Gamble Co.
$165.08
11:10 04/11/24
P&G turned in a 4% increase in organic revenues in the second quarter, leading the Cincinnati-based group to raise its organic sales guidance between 2% to 4% for 2019.
Chairman David Taylor said efforts to turn the company around after seeing an increased level of competition from smaller rivals had begun to bear fruit.
Taylor said P&G was still capable of producing "strong results" despite a "challenging competitive and macroeconomic environment".
Beauty product sales were up 8% year-on-year on an organic basis, while healthcare products climbed 5%. However, grooming sales slipped 3%.
The Nasdaq constituent saw net income rise 26% to $3.21bn, while diluted net earnings per share soared 31% to $1.22.
As of 1440 GMT, P&G shares had climbed 5.87% to $95.74 each.