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Procter & Gamble Reports Better-Than-Expected Profit, Maintains Guidance

Stock Markets Oct 19, 2018 07:26AM ET
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© Reuters. P&G beats on top and bottom lines for the fiscal first quarter.

Investing.com - Procter & Gamble reported better-than-expected fiscal first-quarter numbers and reiterated its full-year guidance on Friday, sending shares higher in pre-market trade.

The firm reported diluted earnings per share of $1.22, an increase of 15% compared to the prior year. The comparable core earnings per share increased 3% to $1.12.

Revenue of $16.69 billion was in line sales registered a year earlier.

Analysts polled by Investing.com forecast EPS of $1.10 on revenue of $16.49 billion.

“We generated strong consumption, organic volume and organic sales in the first quarter,” David Taylor, P&G’s Chairman, President and Chief Executive Officer, said in the release. “This keeps us on track to deliver our top- and bottom-line targets for the fiscal year.”

P&G had projected organic sales growth in the range of 2% to 3% for fiscal 2019.

The company noted that fiscal 2019 all-in sales growth would likely be in the range of down 2% to in-line vs. the prior fiscal year, including a headwind of three to four percentage points to sales growth from foreign exchange.

P&G also maintained its expectation for core earnings per share growth of to rise 3% to 8% compared to a core EPS of $4.22 in 2018.

At 7:26 AM ET (11:26 GMT), Procter & Gamble (NYSE:PG) shares jumped 4.32% to $83.77 in pre-market trade. As of Thursday’s close, shares are down 18.88% so far this year, under-performing the S&P 500 which is up 3.17% year to date.

Procter & Gamble Reports Better-Than-Expected Profit, Maintains Guidance
 

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