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P&G beats estimates in Fiscal Year 2021 Q1 earnings report

Yahoo Finance breaks down the latest earnings report from P&G.

Video Transcript

ADAM SHAPIRO: Checking some earnings reports that we got this morning, Procter & Gamble's fiscal first quarter 2021 was pretty good. In the first hour of trading, that stock was up 2%. Right now, that stock is trading about 1 and 1/2% higher.

Some of what they told us this morning is that fiscal first quarter sales rose 9%, $19.3 billion year over year. That was up over $17.8 billion. And the biggest segment for them, fabric and home care product sales, remember they make Tide, those sales were up 30%, generated the largest amount of revenue for P&G, roughly $6.6 billion. As a result, P&G raising its sales guidance for 2021 anywhere from 3% to 4% growth.

And this morning, P&G CFO John Mueller spoke with Yahoo Finance's Brian Sozzi and told us more about where they stand.

JOHN MUELLER: Our top line growth is really very broad based in the quarter. We grew in every region. We grew in every reporting segment. Our two largest markets, the US and China, we grew at 16% and 12%, respectively.

You know, there's a heightened need, as we're all aware, for products that deliver health, hygiene, and clean home benefits, and consumers are moving towards brands that they know and trust and know can do the job, and that's fueling our momentum as well.