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P&G tops Street second quarter forecasts

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Posted at 9:00 AM, Jan 20, 2017
and last updated 2017-01-20 09:01:07-05

CINCINNATI -- Procter & Gamble Co. (PG) on Friday reported fiscal second-quarter profit of $7.88 billion.

The Cincinnati-based company said it had profit of $2.88 per share. Earnings, adjusted for one-time gains and costs, came to $1.08 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.

The world's largest consumer products maker posted revenue of $16.86 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $16.8 billion.

P&G shares have climbed roughly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 1 percent. The stock has increased 10 percent in the last 12 months.