Procter & Gamble Shares Rise After Earnings Beat

By Tonya GarciaMarketsMarketWatch Pulse

Procter & Gamble Co. shares rose 1.1% in Tuesday premarket trading after the consumer goods company reported fiscal first quarter earnings beat expectations. P&G reported net income of $2.76 billion, or 96 cents per share, up from $2.60 billion, or 91 cents per share, for the same period last year. Adjusted earnings were $1.03 per share, beating the FactSet consensus of 98 cents per share. Sales totaled $16.52 billion, down from $16.53 billion, but beating the $16.48 billion consensus. P&G maintained its fiscal 2017 guidance for 2% sales growth from $65.30 billion in 2016 and mid-single-digit EPS growth from $3.67 in 2016. P&G shares up nearly 6% for the year to date while the S&P 500 Index is up 5.3% for the same period.

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