The Procter & Gamble (P&G) logo is seen at 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 revenue and earnings for the second quarter of its 2024 fiscal year.
The company lowered its full-year adjusted earnings per share outlook to $6.37 to $6.43, despite a decline in its forecast for unadjusted earnings due to plans to write off Gillette and restructure certain markets.
Shares of the company were up about 1% in premarket trading.
Here's what P&G said compared to Wall Street expectations, based on a survey of analysts at LSEG, formerly Refinitiv:
- Earnings per share: $1.84 adjusted and $1.70 expected
- Revenue: $21.44 billion versus $21.48 billion expected
P&G reported fiscal second-quarter net income of $3.47 billion, or $1.40 per share, from $3.93 billion, or $1.59 per share, a year earlier.
The Tide detergent owner slashed the value of razor brand Gillette by $1.3 billion following a December announcement. The company previously said Gillette would record up to $2.5 billion in charges over the next two fiscal years related to impairment charges and restructuring of its business in some markets such as Argentina and Nigeria.
Excluding the impacts of the restructuring and intangible impairment, the company earned $1.84 per share.
Net sales rose 3% to $21.44 billion.
This story is developing. Check back for updates.
