Procter & Gamble Co.’s
PG,
stock rose 1.2% premarket Friday after the consumer goods giant’s fiscal third-quarter results topped Wall Street’s top and bottom-line estimates. The company reported net income of $3.4 billion, or core earnings of $1.37 a share, up from net income of $3.36 billion, or core earnings of $1.33 a share in the same period last year. Analysts surveyed by FactSet were looking for earnings of $1.32 a share. The company’s third-quarter sales rose 4% year-over-year to $20.07 billion, above the FactSet consensus of $19.28 billion. Procter & Gamble also raised its full-year sales outlook to growth of about 1% from its prior forecast of down 1%- to flat. “Our team’s strong execution of our strategies and our progress through three quarters enable us to raise our fiscal year outlook for sales growth and cash return to shareowners and maintain our guidance range for EPS growth despite continued cost and foreign exchange headwinds,” said Procter & Gamble’s CEO Jon Moeller, in a statement.
