(MENAFN- Baystreet.ca)
Procter & Gamble (NYSE: PG) shares took off for the stratosphere after fiscal second-quarter earnings and sales outpaced Wall Street estimates, prompting the company to raise its organic sales forecast.
Earnings per share came in at $1.25, adjusted vs. $1.21 estimated. Revenue registered at $17.44 billion vs. $17.15 billion estimated.
Said CEO David Taylor, "We delivered strong organic sales in the second quarter, building on our first quarter momentum, which enables us to increase our outlook for the year.
"Our focus on superiority, productivity and improving P&G's organization and culture is delivering improved results despite a challenging competitive and macroeconomic environment."
P&G reported fiscal second-quarter net income of $3.19 billion, or $1.22 per share, up from $2.5 billion, or 93 cents per share, a year earlier.
Net sales rose to $17.44 billion, beating expectations of $17.15 billion.
P&G raised the high-end of its organic sales growth forecast by 1%. The company now expects organic sales to rise in the range of 2% to 4% for fiscal 2019. Organic sales growth excludes the impact of foreign exchange and acquisitions and divestitures.
Total sales are expected to be within the range of down 1% to up 1%.
The company backed its prior earnings forecast, which calls for core earnings per shares to rise 3% to 8% from fiscal 2018 core earnings of $4.22 per share.
Shares leaped $4.74, or 5.2%, to $95.17, within a 52-week trading range of $70.73 to $96.90.
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