Procter & Gamble, the consumer goods firm with brands including Charmin, Downy and Pampers, topped analysts’ expectations in the “difficult operating environment” of the fiscal second quarter, but revenue fell from a year earlier.
Core earnings per share were $1.08 for the period ending Dec. 31, up four cents from a year ago and two cents above the consensus view on Capital IQ. Revenue slipped to $16.86 billion from $16.92 billion in the year-ago quarter and was just above the $16.77 billion average estimate.
“We delivered good results in the second quarter in a difficult operating environment,” David Taylor, the company’s chief executive officer, said in a release. “Stronger top-line performance in the first half of the fiscal year is enabling us to increase our organic sales growth outlook for the full year.”
P&G said it sees fiscal 2017 organic sales growth of 2% to 3% compared to a prior view for 2% growth. The company also expects all-in sales to be in line with the prior year. On core EPS, the firm sees growth of mid-single digits compared to 2016 core EPS of $3.67 a share. Analysts are expecting $3.85.