A logo of Procter & Gamble (P&G) is seen during the 6th China International Import Expo (CIIE) at National Convention and Exhibition Center (Shanghai) on November 7, 2023 in Shanghai, China.
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Procter & Gamble on Tuesday reported mixed quarterly earnings and revenue for its fiscal second quarter of 2024.
The company also lowered its full-year adjusted earnings per share outlook to a range of $6.37 to $6.43, although its unadjusted earnings forecast fell due to its plans to write down Gillette and restructure certain markets.
The company's shares rose about 1% in premarket trading.
Here's what P&G reported compared to what Wall Street expected, according to a survey of analysts by LSEG, formerly known as Refinitiv:
- Earnings per share: Adjusted $1.84 vs. expected $1.70
- Revenue: $21.44 billion vs. $21.48 billion expected
P&G reported net income attributable to the company in the fiscal second quarter of $3.47 billion, or $1.40 per share, up from $3.93 billion, or $1.59 per share, a year earlier.
The owner of Tide detergent reduced the value of the Gillette razor brand by $1.3 billion, following 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's impairment charges and the restructuring of its business in some markets, such as 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 for updates.
