A logo of Procter & Gamble (P&G) is seen during 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 earnings and sales for the second fiscal quarter of 2024.
The company also narrowed its full-year adjusted earnings per share forecast to a range of $6.37 to $6.43, although its unadjusted earnings forecast was lowered due to its plans to write down Gillette and restructure certain markets went back.
The company's shares rose about 1% in premarket trading.
Here's what P&G reported compared to Wall Street's expectations, based on an analyst survey from LSEG, formerly known as Refinitiv:
- Earnings per share: $1.84 adjusted vs. $1.70 expected
- Revenue: $21.44 billion vs. expected $21.48 billion
P&G reported second-quarter net income attributable to the company of $3.47 billion, or $1.40 per share, down from $3.93 billion, or $1.59 per share, a year earlier .
Detergent owner Tide wrote down the value of razor brand Gillette by $1.3 billion, implementing a December announcement. The company had previously said it would record charges of up to $2.5 billion over the next two fiscal years related to Gillette impairments and the restructuring of its business in some markets such as Argentina and Nigeria.
Excluding the impact of restructuring and intangible impairment, the company earned $1.84 per share.
Net sales rose 3% to $21.44 billion.
This story is developing. Please check back for updates.