Procter & Gamble earnings, sales top expectations

Procter & Gamble on Friday reported fiscal first-quarter earnings and sales that topped analysts’ expectations.

Its shares were climbing more than 2 percent in premarket trading on the news.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

* Earnings per share: $1.12, adjusted, vs. $1.09 expected
* Revenue: $16.69 billion vs. $16.46 billion expected

The maker of everyday household goods like Tide laundry detergent, Pantene hair products, Crest toothpaste, and Charmin toilet paper has been defending its market share against heightened competition from private-label brands and upstart companies, such as Brandless and Harry’s.

P&G’s profit margins have also been squeezed, hurt by rising commodity costs, shipping expenses and foreign exchange rates.

P&G has said it’s anticipating organic sales growth of 2 to 3 percent for fiscal 2019. It expects its core earnings per share to grow 3 to 8 percent up from its 2018 core earnings per share of $4.22.

Its shares have fallen about 11 percent so far this year, bringing P&G’s market cap to roughly $202 billion.

This is a developing story. Please check back for updates.

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