The Procter & Gamble Company (NYSE: PG) on Tuesday reported 7% increase in first-quarter revenues to $17.79 billion, primarily driven by its healthcare products and sales in Japan. Excluding the net impacts of forex, acquisitions and divestitures, organic sales also rose 7%. The topline was slightly above the analysts’ expectation of $17.43 billion.
The growth in Japan sales was spurred by an increase in retail inventories, ahead of the country’s proposed increase in VAT in October.
Core net income rose to $1.37 per share, from $1.12 per share a year ago. Analysts had projected $1.24 per share.
PG shares jumped 3.1% immediately following the announcement. The stock has gained 31% since the beginning of this year.
Buoyed by in the upbeat results, Procter & Gamble raised the outlook for fiscal 2020 all-in sales growth from 3-4% to 3-5% growth. The Company also raised its guidance range on fiscal 2020 all-in GAAP EPS growth to 225-243%, noting that the comparison period is significantly depressed by the Gillette Shave Care impairment adjustments in fiscal 2019.
The consumer goods firm increased its estimate for fiscal 2020 adjusted free cash flow productivity from 90% to 95%. In Q1, adjusted free cash flow productivity stood at 91%.
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