Procter & Gamble (PG.US) exceeded second-quarter earnings estimates, fueled by rising demand for household goods. Shares of the company, considered a major player in the consumer goods market, rose nearly 3.5% before the Wall Street session opened.
Key financials for the quarter:
- Organic revenue +3%, expected +2.35%
- Core EPS $1.88 vs. $1.84 y/y, expected $1.86
- Net sales $21.88 billion, +2.1% y/y, expected $21.55 billion
- Price impact on sales 0%, expected 0.82%
- Organic sales volume growth +2%, expected +0.91%
- Gross margin 52.4%, expected 52.5%
- Free cash flow (adjusted) $3.90 billion, expected $4.1 billion
Forecasts on a year-over-year basis:
- Organic revenue up +3% to +5%, +2.99% expected
- Core EPS growth +5% to +7%
- Basic EPS of $6.91 to $7.05, expected $6.91
Summary:
The company's shares are gaining, driven primarily by higher organic revenue growth and an optimistic outlook for the fiscal year. The company returned more than $4.9 billion to shareholders through dividends and share buybacks in Q2.
The company's shares are back above their 200-day EMA following the announcement of Q2 results. Source: xStation
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