Procter & Gamble Co raised its full-year sales forecast for a second time on Wednesday as the consumer products giant benefited from a sustained high level of demand for its home care and cleaning products due to the Covid-19 pandemic. The company’s shares rose 2pc before the opening bell.
P&G said it expects full-year sales to rise 5pc to 6pc, compared with a prior forecast of a 3pc to 4pc increase.
The company also raised its fiscal 2021 core earnings per share forecast to 8pc to 10pc, from 5pc to 8pc, and said organic sales are now expected to grow 5pc to 6pc, compared with the 4pc to 5pc it anticipated earlier.
Net sales beat Wall Street predictions, rising 8pc to $19.75 billion in the three months to Dec 31. Analysts on average had estimated $19.27 billion, according to IBES data from Refinitiv. The boost was led by a jump in sales in its Fabric and Home care business, which sells Tide Pods and Microban 24 disinfectant sprays.
