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.
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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.