Procter & Gamble beats by $0.21, beats on revs; guides FY21 EPS mostly above consensus; ups buyback plan range (141.91)
- Reports Q1 (Sep) earnings of $1.63 per share, $0.21 better than the S&P Capital IQ Consensus of $1.42; revenues rose 8.5% year/year to $19.32 bln vs the $18.38 bln S&P Capital IQ Consensus.
- Reported gross margin increased 170 basis points versus the prior year reported gross margin. Reported gross margin increased 140 basis points versus the prior year core gross margin due to 30 basis points of non-core restructuring charges in the base period.
- Total organic volume up 7%
- Co issues in-line guidance for FY21, raises core EPS growth from 3-7% to 5-8%, which translates to $5.38-5.53, excluding non-recurring items, vs. $5.39 S&P Capital IQ Consensus. The Company raised its outlook for organic sales growth from a range of two to four percent to a range of four to five percent.
- P&G expects to pay approximately $8 billion in dividends in fiscal 2021. The Company increased its outlook for common stock repurchase from a range of $6 billion to $8 billion to a range of $7 billion to $9 billion in fiscal 2021.