The Procter & Gamble Company (NYSE:PG) saw sales lift in its third quarter as shoppers rushed to stockpile the consumer packaged goods company’s products amid the coronavirus outbreak.
During the three-month period ended March 31, P&G posted overall net sales of US$17.2 billion, up 5% from the same period a year prior, and net profit of just over US$2.9 billion, or US$1.12 per share, slightly below average analyst expectations of US$1.13.
P&G's CEO David Taylor said that the Cincinnati-based company’s strong results were a direct reflection of the “integral role” its products play in meeting the daily health, hygiene and cleaning needs of global consumers.
“Our organization has been doing a terrific job against our near-term priorities – protecting the health and safety of each other, maximizing availability of P&G products to meet heightened consumer need and helping society meet and overcome the challenges of this crisis,” Taylor told shareholders in a statement.
The firm did adjust its outlook for fiscal 2020 all-in sales growth to around 3 to 4% compared to a previous estimate of 4 to 5%, due to stronger headwinds from foreign exchange. But it maintained its guidance for organic sales growth in the range of 4 to 5%.
Shares in P&G rose slightly in pre-market New York trading, up 0.8% at US$122.50 on Friday morning.
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