The Procter & Gamble Co.'s fiscal first-quarter earnings beat analysts' estimates Oct. 22 as the company raised its guidance for its 2020 fiscal year.
Core EPS for the three months ended Sept. 30 increased 22% to $1.37. The S&P Global Market Intelligence mean consensus estimate for normalized EPS is $1.24.
Core net earnings attributable to P&G of $3.62 billion beat the Market Intelligence estimate for net income excluding exceptions of $3.29 billion.
The Cincinnati-based consumer products maker raised its growth guidance for full-year core EPS to a range between 5% and 10%, up from between 4% and 9%. GAAP diluted net EPS will increase between 225% and 243%.
The company now expects 2020 all-in sales growth to between 3% and 5%, up from previous expectations of between 3% to 4%. Organic sales are also now expected to increase between 3% and 5%, up from the previous range between 3% and 4%.
Procter & Gamble expects to buy back between $6 billion and $8 billion of its own shares in fiscal 2020 and pay $7.5 billion in dividends.
Net sales at the maker of Aussie shampoo and Luvs baby diapers rose 7% to $17.80 billion during the first quarter. Organic sales also advanced 7%, with gains in the company's beauty and healthcare divisions leading the increase.
Shares of the company rose 4.4% to $124.36 in premarket trading on Oct. 22. The company reported results before U.S. markets opened.