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P&G’s profit rises 12% in 3M; raises full-year sales forecast

P&G’s profit rises 12% in 3M; raises full-year sales forecast

Mubasher: Proctor & Gamble (P&G) on Tuesday reported that its net earnings rose by 12% year-on-year in its first quarter of fiscal year 2020, as it posted strong growth in health care and beauty businesses.

Net earnings attributable to P&G totalled approximately $3.6 billion in its first quarter ended last September, compared with $3.2 billion in the year-ago period. Diluted earnings per share (EPS) were $1.36, rising by 11% year-on-year from $1.22.

The consumer goods giant generated $17.7 billion during its fiscal quarter ended last month, 7% higher year-on-year from $16.7 billion.

Healthcare business, including Crest toothpaste and Oral-B produced $2.22 billion, climbing by 20%, while beauty products operations rose by 8% to $3.6 billion.

Looking ahead, P&G raised its outlook for the year 2020, in which total sales are due to record a growth at a range of 3% to 5% up from an earlier range of 3% to 4%.

Furthermore, core EPS are set to grow by 4% to 10%, compared from original expectations of 4% to 9%.