By Iain Gilbert
Date: Thursday 21 Oct 2021
LONDON (ShareCast) - (Sharecast News) - Household products manufacturer Procter & Gamble saw first-quarter revenues rise on the back of increased demand for its cleaning and laundry products amid the Covid-19 pandemic.
P&G said on Tuesday that first-quarter revenues had increased 9% year-on-year to $19.32bn, beating analyst expectations for a reading of $18.38bn, while earning per share smashed estimates of $1.42 at $1.63 each.
Organic revenue also climbed 9% in the quarter as increased demand in North America, P&G's largest market, helped drive sales growth.
Fabric and home care reported the largest increase, with organic sales rising 14% in the quarter, while its beauty segment reported organic growth of 7% year-on-year.
As a result of the solid quarter, P&G raised its sales outlook and core earnings growth expectations for the year as a whole and now expects sales growth of 3-4% during 2021, up from its prior forecast of 1%-3%, while organic revenue was now projected to rise by 4-5%, up from 2-4%.
P&G also now plans to buy back more stock during the current trading year, with the company previously having said it would spend $6bn-8bn on buying back shares but now intends on dropping $7bn-9bn.
As of 1600 BST, P&G stocks were up 2.27% at $145.22 each.
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Currency | US Dollars |
Share Price | $ 165.18 |
Change Today | $ -0.98 |
% Change | -0.59 % |
52 Week High | $177.79 |
52 Week Low | $143.91 |
Volume | 6,055,808 |
Shares Issued | 4,009.20m |
Market Cap | $662,240m |
RiskGrade | 76 |
Strong Buy | 7 |
Buy | 10 |
Neutral | 7 |
Sell | 1 |
Strong Sell | 0 |
Total | 25 |
Time | Volume / Share Price |
16:00 | 1,489,458 @ $165.18 |
15:59 | 100 @ $165.18 |
15:59 | 100 @ $165.17 |
15:59 | 116 @ $165.16 |
15:59 | 100 @ $165.16 |
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