Procter & Gamble (P&G) is putting some clean finances in the midst of the COVID-19 pandemic.
The maker of Tide, Olay and Gillette met all the requirements for bulls in its fiscal fourth quarter released on Thursday, sending shares up 3% in pre-market trading. P&G (PG) saw an increase in organic sales in four of the five segments spurred by a 14% increase in its fabric care division. Within that business, organic household care sales increased 30% thanks to the strength of cleaning and dishwashing products.
Net sales: $ 17.7 billion versus estimates of $ 16.97 billion
Diluted EPS: $ 1.16 vs. estimates of $ 1.01
Tax orientation 2021:
“Things are certainly going well as we move forward to serve consumers in this time of greatest need,” P&G chief financial officer Jon Moeller told Yahoo Finance’s The First Trade. Moeller added that demand remained strong through June.
P&G went a step further to appease the bulls, actually offering year-round guidance, unlike many other multinationals at the moment. The company described organic sales growth of up to 4% with earnings per share potentially increasing at a faster rate of 7%.
“We believe we can continue to grow at quite attractive rates at the top and bottom line,” said Moeller. “There will be challenges embedded in those targeting ranges, but there are also significant opportunities to step up and serve consumers as they work to protect their health and improve hygiene.”
