Procter & Gamble revenue rises 3%, short of expectations

[ad_1]

A Procter & Gamble (P&G) logo is seen during the 6th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) on November 7, 2023 in Shanghai, China.

VCG | Getty Images

Procter & Gamble on Tuesday reported mixed quarterly earnings and revenue for its fiscal second quarter of 2024.

The company also narrowed its outlook for full-year adjusted earnings per share to a range of $6.37 to $6.43, although its forecast for unadjusted earnings fell due to its plans to write down Gillette and restructure certain markets.

Shares of the company rose about 1% in premarket trading.

Here's what P&G reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $1.84 adjusted vs. $1.70 expected
  • Revenue: $21.44 billion vs. $21.48 billion expected

P&G reported fiscal second-quarter net income attributable to the company of $3.47 billion, or $1.40 per share, down from $3.93 billion, or $1.59 per share, a year earlier.

The Tide detergent owner wrote down the value of razor brand Gillette by $1.3 billion, following through on an announcement it made in December. The company previously said it would record up to $2.5 billion in charges over the next two fiscal years related to Gillette impairment charges and restructuring its business in some markets, like Argentina and Nigeria.

Excluding the impacts of restructuring and intangible impairment, the company earned $1.84 per share.

Net sales rose 3% to $21.44 billion.

This story is developing. Please check back for updates.

[ad_2] Source link https://worldnews2023.com/top-stories/procter-gamble-revenue-rises-3-short-of-expectations/?feed_id=279250&_unique_id=65d8ec9db29b8

Comments

Post a Comment

Popular posts from this blog

Real Housewives of Beverly Hills couple Kyle Richards and Mauricio Umansky ‘seperate’

Image
[ad_1] Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Real Housewives of Beverly Hills ’ Kyle Richards and Mauricio Umansky have reportedly separated after 27 years of marriage. Richards joined the popular Bravo reality series in 2010 with Umansky making regular appearances over the last 13 years. “Kyle and Mauricio have been separated for a while now but are still living under the same roof. They remain amicable as they figure out what’s next for them and their family,” a source confirmed to People on Monday (3 July). The separation will affect both Real Housewives , which is gearing up for its 13th season, and the Netflix reality series Buying Beverly Hills, which follows Umansky’s real estate business as two of their daughters work as agents. Richards has already filmed the second season of the Netflix show, according to Deadline . The I
Read more

Pfizer RSV vaccine for infants has 'generally favorable' safety data, FDA staff say

Image
[ad_1] Blood sample for respiratory syncytial virus (RSV) test Jarun011 | Istock | Getty Images U.S. Food and Drug Administration staff on Tuesday said Pfizer's vaccine that protects infants from respiratory syncytial virus has "generally favorable" safety data. The FDA staff made the conclusion in briefing documents ahead of a meeting on Thursday when a panel of external advisors to the agency will discuss whether to recommend full approval of the RSV shot . The advisors will vote on whether Pfizer's late-stage clinical trial data on the vaccine supports its safety and efficacy. The FDA typically follows the advice of its advisory committees, but is not required to do so. The agency is slated to make a decision on whether to clear the shot in August before RSV season in the fall. If approved, Pfizer's jab would become the world's first vaccine that protects infants against RSV.  RSV usually causes mild, cold-like symptoms. But infants and older ad
Read more

Casemiro has improved Man Utd: Maguire | The Express Tribune

Image
[ad_1] LONDON: Casemiro scored twice as Manchester United turned on the style to beat 10-man Reading 3-1 and reach the FA Cup fifth round on Saturday as Tottenham forward Son Heung-min ended his recent goal drought. On a day lacking major shocks, there were wins for Premier League strugglers Leeds, Leicester and Southampton but Fulham were held by Championship side Sunderland. United – fourth in the Premier League and within touching distance of a place in the League Cup final – produced more compelling evidence they are back on track under new manager Erik ten Hag . The home side took the lead at Old Trafford in the 54th minute when Anthony produced a defence-splitting pass to find Brazil teammate Casemiro, who lifted the ball over goalkeeper Joe Lumley. Four minutes later United were two up, when Casemiro let fly with a stunning strike from outside the box to find the bottom corner. With the home side brimming with confidence, substitute Fred produced an audacious flic
Read more