Procter & Gamble Co (NYSE:PG) stock was slipping today following the release of its earnings report for its fiscal second quarter of 2018.
Procter & Gamble Co reported earnings per share of $1.19 for its fiscal second quarter of 2018. This is an increase of 10% from its earnings per share reported in the fiscal second quarter of 2017. It also beat out Wall Street’s earnings per share estimate of $1.14 for the period.
Revenue reported by Procter & Gamble Co for its fiscal second quarter of 2018 came in at $17.40 billion. This is up from its revenue of $16.86 billion reported in the same period of the year prior. It also just beat out analysts’ revenue estimate of $17.39 billion for the quarter.
Procter & Gamble Co notes that its net earnings for the fiscal second quarter of 2018 were $2.50 billion. This is a drop from its net earnings of $7.70 billion from the same quarter of the previous year.
Just like with many other companies, Procter & Gamble Co’s recent earnings report was marred by a charge in connection to the recent tax law changes in the U.S. The company notes that it suffered a $3.8 billion charge due to the new legislation.
Procter & Gamble Co also gave an update to its fiscal 2018 outlook in its most recent earnings report. The company says that it still expects organic sales growth for the year to range from 2% to 3%. However, it now expects earnings per share for the year to be up between 5% and 8%. It was previously expecting earnings per share for fiscal 2018 to increase by 5% to 7%.
PG stock was down 3% as of Tuesday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.