Pandemic-driven cleaning routines boost P&G sales forecast again
- The company's shares rose 2% before the opening bell.
- P&G said it expects full-year sales to rise 5% to 6%, compared with a prior forecast of a 3% to 4% increase.
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 2% before the opening bell.
P&G said it expects full-year sales to rise 5% to 6%, compared with a prior forecast of a 3% to 4% increase.
The company also raised its fiscal 2021 core earnings per share forecast to 8% to 10%, from 5% to 8%, and said organic sales are now expected to grow 5% to 6%, compared with the 4% to 5% it anticipated earlier.
Net sales beat Wall Street predictions, rising 8% 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.
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