Investing.com - Procter & Gamble (NYSE:PG) reported strong quarterly earnings Thursday, benefiting from consumers staying at home and buying more cleaning products in the wake of the cornavirus pandemic.
The consumer goods giant was also relatively upbeat for the next 12 months, saying it expects core earnings per share to rise by between 3% and 7% on organic sales growth of between 2% and 4%. It also said it expects to pay around $8 billion in dividends and repurchase between $6 billion and $8 billion of stock in the coming year.
Procter & Gamble announced net sales of $17.7 billion for the final quarter of its fiscal 2020 year, an increase of four percent versus the prior year, while core earnings per share increased five percent to $1.16. Operating cash flow was $4.8 billion for the quarter.
“We delivered strong, balanced sales and profit results in fiscal 2020, both pre-COVID and through the balance of the year, meeting or exceeding each of our going-in targets, demonstrating the commitment and agility of P&G people and the robustness of our strategy," said David Taylor, Chairman, President and Chief Executive Officer.
At 7:30 AM ET (1130 GMT), P&G's stock was up 2.5% in premarket trade
The company's star performer was the Fabric and Home Care segment, with organic sales up 14% for the quarter, boosted by demand for home cleaning and dish washing products. The Grooming segment saw organic sales fall one percent versus year ago as there was a pandemic-related reduction in shaving frequency in certain markets.
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