© Reuters.
CINCINNATI – Today, Procter & Gamble (NYSE:), the consumer goods giant, revealed its financial results for the second quarter of the fiscal year 2024. The company reported revenues of $21.44 billion and a non-GAAP EPS (earnings per share) of $1.84, outperforming estimates in terms of EPS but underachieving by $60M in revenue. Notably, organic sales saw a growth of 3.2%. Despite this slight shortfall in revenue expectations, P&G’s stock price experienced a notable increase of almost 5%.
Reflecting on its recent performance, P&G has updated its full-year non-GAAP EPS forecast upwards, now expecting it to range between $6.37 and $6.43, an adjustment from last year’s figure of $5.90. This revision indicates a positive outlook on the company’s future earnings. In addition, the company reported an enhancement in its gross margin, which currently stands at 52.7%.
P&G also highlighted its commitment to shareholder returns, maintaining plans to return over $9 billion to its shareholders in the fiscal year 2024 through a combination of dividends and share buybacks ranging between $5 and $6 billion. This action is part of P&G’s ongoing strategy to boost shareholder value and demonstrates confidence in the company’s financial well-being and future prospects.
The company continues to anticipate a fiscal sales growth forecast of two to four percent, reinforcing its positive stance on future business performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
