Consumer goods company Procter & Gamble (PG) has reported mixed financial results for this year’s second quarter.
The company behind Tide laundry detergent and Gillette razor blades announced earnings per share (EPS) of $1.40 U.S., which beat Wall Street estimates of $1.37 U.S.
However, revenue in the quarter totaled $20.53 billion U.S., which missed the $20.74 billion U.S. that was forecast among analysts. Sales were flat compared with a year ago.
In a bright spot for the company, Procter & Gamble’s sales volumes increased for the first time in more than two years during the quarter.
In recent years, price increases across its portfolio of brands that also includes Pampers diapers and Charmin toilet paper led to declining sales volumes as consumers bought fewer of the company’s products and sought out cheaper alternatives.
That trend of declining sales volumes now looks to have reversed, said Procter & Gamble in its earnings release.
Looking ahead, the company forecasts earnings for the year in a range of $6.91 U.S. to $7.05 U.S.
Procter & Gamble reiterated its revenue forecast of 2% to 4% growth for all of this year.
The stock of Procter & Gamble declined 4% on news of its Q2 results. Prior to today (July 30), the company’s share price had risen 14% on the year to trade at $169.93 U.S.
