CINCINNATI - Today, Procter & Gamble (NYSE:PG), the consumer goods giant, revealed its financial results for the second quarter of the fiscal year 2024. The company reported revenues of $21.44 billion and a non-GAAP EPS (earnings per share) of $1.84, outperforming estimates in terms of EPS but underachieving by $60M in revenue. Notably, organic sales saw a growth of 3.2%. Despite this slight shortfall in revenue expectations, P&G's stock price experienced a notable increase of almost 5%.
Reflecting on its recent performance, P&G has updated its full-year non-GAAP EPS forecast upwards, now expecting it to range between $6.37 and $6.43, an adjustment from last year's figure of $5.90. This revision indicates a positive outlook on the company's future earnings. In addition, the company reported an enhancement in its gross margin, which currently stands at 52.7%.
P&G also highlighted its commitment to shareholder returns, maintaining plans to return over $9 billion to its shareholders in the fiscal year 2024 through a combination of dividends and share buybacks ranging between $5 and $6 billion. This action is part of P&G's ongoing strategy to boost shareholder value and demonstrates confidence in the company's financial well-being and future prospects.
The company continues to anticipate a fiscal sales growth forecast of two to four percent, reinforcing its positive stance on future business performance.
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