Procter & Gamble earnings beat estimates, but weak demand in China hurts sales

Boxes of Bounce dryer sheets owned by the Procter & Gamble company are seen on a store shelf on October 20, 2020 in Miami, Florida.

Joe Raedle | Getty Images

Procter & Gamble on Friday reported weaker-than-expected revenue as lower demand in China again weighed on its sales.

Shares of the company were flat in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.93 adjusted vs. $1.90 expected
Revenue: $21.74 billion vs. $21.91 billion expected

P&G reported fiscal first-quarter net income attributable to the company of $3.96 billion, or $1.61 per share, down from $4.52 billion, or $1.83 per share, a year earlier.

Excluding restructuring charges and other items, the company earned $1.93 per share.

Net sales dropped 1% to $21.71 billion.

Source

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