On Wednesday, Procter & Gamble Co. (P&G) raised its outlook on its full-year organic sales and reported better-than-expected earnings and sales for the fiscal second-quarter.
The consumer goods behemoth had an adjusted earnings per share of $1.25 for the quarter, beating Wall Street estimate of $1.21 (according to a survey by Refinitiv). Its revenue for the period came in at $17.44 billion, versus $17.15 billion estimated. Its beauty products, health care and fabric and home care businesses were strong performers.
Strong organic sales in the second quarter boosted P&G’s expectation for the full year. Around 1% of its organic sales growth in the quarter has been attributed to higher pricing by the company. Organic sales at its beauty care business surged +8% year over year during the latest quarter. Its health care segment’s organic sales rose +5%. Organic sales of its fabric and home care business increased +6%.
P&G made an upward revision to the high-end of its organic sales growth forecast by 1 percent to arrive at a range of 2-4% for fiscal 2019.
Total sales growth is projected to be within the range of down -1% to up +1%.
P&G said it plans to repurchase as much as $5 billion in stock this fiscal year.