Procter & Gamble beat earnings estimates for the latest quarter, and raised its outlook on full-year sales.
The consumer staples giant reported earnings of $1.06 per share for the three months ended March, surpassing the Street’s expectations by 2 cents. The figure is +6% higher compared to the year-ago quarter.
Total revenue increased +1.22% year-over-year to $16.5 billion, while beating analysts’ estimates of $16.37 billion.
Procter & Gamble revised its forecast for the full year organic sales growth to around 4%, compared to a prior forecast of between 2% and 4%.
The company plans to distribute over $7 billion in dividends this year, in addition to buying back around $5 billion in shares.