Procter & Gamble earnings beat, reaffirms forecast

Procter & Gamble’s Tide is seen in a store in Manhattan, New York, U.S.Thomson Reuters

Procter & Gamble shares surged ahead of Friday’s opening bell after the company delivered strong first-quarter results and reaffirmed its forecast for fiscal-year 2019. 

The consumper-products giant posted core earnings-per-share of $1.12, outpacing the $1.08 that analysts surveyed by Bloomberg were expecting.

Net revenue came in at $16.7 billion — in-line with a year ago — but that was good enough to top the $16.46 billion that analysts were hoping for. Organic sales jumped 4%, led by a 7% gain in its beatuy segement. The company said sales took a 3% hit due to the stronger US dollar. 

“We generated strong consumption, organic volume and organic sales in the first quarter,” said David Taylor, chairman, president and CEO. “This keeps us on track to deliver our top- and bottom-line targets for the fiscal year. Our focus on superiority, productivity and improving P&G’s organization and culture is driving improved results.”

P&G reaffirmed its forecast for organic sales growth of between 2% and 3% for fiscal 2019, and said it still expects core earnings-per-share growth of 3% to 8% versus its fiscal 2018 core EPS of $4.22. 

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