Procter & Gamble Shares Rise On Second-quarter Earnings Beat

Procter & Gamble shares rose 1.9% in pre-market trade Friday after the consumer goods company beat second-quarter expectations. Earnings for the latest quarter rose to $7.9 billion, or $2.88 per share, from $3.2 billion, or $1.12 per share. Adjusted earnings per share were $1.08, compared with the FactSet consensus of $1.06. Revenue declined to $16.86 billion from $16.92 billion, compared with the FactSet consensus of $16.94 billion. The company said it expects headwinds of foreign exchange and minor brand divestitures to reduce sales growth by two to three percentage points in 2017, and estimated its all-in sales to align with the 2016 fiscal year. It expects reported EPS to increase 48% to 50% compared with an EPS of $3.69 in 2016. Procter & Gamble shares have declined 0.3% over the last three months, compared with a 5.7% rise in the S&P 500 .