Procter & Gamble posted fiscal second-quarter earnings and revenue that beat analysts’ expectations.
The consumer goods company’s earnings came in at $1.66, vs. $1.65 expected
Revenue of $20.95 billion also surpassed analysts’ expectations of $20.34 billion.
Net sales rose 6% to $20.95 billion, exceeding expectations of $20.34 billion. Organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures, also climbed +6% in the quarter, with half of that growth having come from raising prices on select products.
For fiscal 2022, P&G is now projects 3% to 4% sales growth, up from its previous forecast of 2% to 4%. It also plans to increase its stock buybacks for the fiscal year from a range of $7 billion to $9 billion to a range of $9 billion to $10 billion.