On Wednesday, consumer goods company reported second quarter earnings that topped analysts’ expectations. The company also boosted its fiscal year profit outlook.
P&G, owner of brands like Tide and Pamper, posted adjusted earnings of $1.64 per share (+15.5% year-over-year) for the quarter ending December, compared to the $1.51 expected by analysts polled by Refinitiv.
Revenue for the quarter came in at $19.75 billion (which is +8% year-over-year), also exceeded analysts’ estimate of $19.27 billion.
The company’s organic sales, which exclude some items like currency effects and acquisitions, rose +8% year-over-year during the fiscal second quarter. All of P&G’s business units experienced growth, with gains driven by the fabric and home care unit along with the health care division.
The company now forecasts organic sales growth of 5% to 6% in fiscal 2021, up from its prior expectation of no more than 5%. It also raised its adjusted earnings forecast to 8% to 10%, up from the previous outlook of 5% to 8%.
P&G expects to buy back as much as $10 billion of its own stock during fiscal 2021, up from a prior estimate of $7 billion to $9 billion.