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Procter & Gamble beats on earnings, raises sales outlook

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Procter & Gamble Co. PG,
+ 1.50%
shares rose 1.3% in Wednesday premarket trading after it reported fiscal third quarter profit and sales that beat expectations and raised its sales guidance. The consumer products company reported net income of $ 3.355 billion, or $ 1.33 per share, up from $ 3.269 billion, or $ 1.26 per share, last year. Sales of $ 19.381 billion were up from $ 18.109 billion. The FactSet consensus was for EPS of $ 1.29 and sales of $ 18.706 billion. Sales increased across all categories including fabric and home care (up 10%), health care (up 16%) and beauty (up 3%). P&G brands include Tide laundry detergent, Pantene hair care products and Vicks VapoRub. For the year, P&G raised its all-in sales outlook to a growth range of 4% to 5% from a growth range of 3% to 4%. Organic sales growth guidance was raised to 6% to 7% from 4% to 5% growth. The company still expects EPS growth in the range of 6% to 9% and core earnings growth in the range of 3% to 6%. Given the cost and foreign exchange challenges, the company expects to be on the low end of the core EPS growth guidance. The FactSet consensus is for sales of $ 79.403 billion, implying 4.3% growth, and EPS of $ 5.85, suggesting a 3.4% increase. P&G stock is down 2.6% for the year to date, but has advanced 15.7% over the last 12 months.

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