Shares of Procter & Gamble Co. (NYSE: PG) opened 4% higher on Tuesday after the company reported better-than-expected first quarter 2020 earnings and revenue.
The maker of Bounty paper towels and Tide detergent said net sales rose 7% to USD 17.80 Billion, topping expectations of USD 17.42 Billion. Adjusted earnings came in at USD 1.37 per share versus Wall Street’s call for USD 1.24 per share.
P&G’s Beauty segment recorded the strongest growth this past quarter, gaining 10% thanks to a rise in skin care and hair care sales. The company’s Healthcare, Home, and Family Care segments also recorded notable organic sales growth of 9%, 8%, and 5% respectively. Procter & Gamble’s shaving segment this past quarter grew sales by only 1% year-over-year as its Gillette shaving business continues to drag.
“We delivered strong top-line growth, profit margin expansion and cash productivity in the first quarter, enabling us to increase our outlook for fiscal year results,” said David Taylor, Chairman, President and Chief Executive Officer. “We will continue executing our strategies of superiority, productivity, constructive disruption and improving P&G’s organization and culture to deliver balanced top-line and bottom-line growth along with strong cash generation in a challenging competitive and macroeconomic environment.”
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