Rising ‘Tide’ for P&G
Procter & Gamble’s stock rose Tuesday after the huge consumer goods maker, whose brands include Tide and Charmin, reported solid gains in sales of personal care products such as toothbrushes and deodorants.
P&G has been trying to transform its business by focusing on bigger brands with growth potential. It has already shed some of the smaller brands it says collectively contribute little to its operating profit.
P&G earned $2.71 billion, or 96 cents per share, in the first quarter. Adjusted earnings accounting for discontinued operations and restructuring costs were $1.03 per share. That topped the 98 cents per share forecast by analysts surveyed by Zacks Investment Research.
Revenue was basically flat at $16.52 billion; analysts anticipated $16.45 billion.