Shares of Procter & Gamble Co. gained nearly 1 percent on Thursday after the consumer goods corporation reported fiscal fourth-quarter earnings results that were above Wall Street expectations.
Procter & Gamble shares added 0.72 percent to trade at $89.945 as the Cincinnati, Ohio-based company posted net income for the quarter of $2.22 billion, or 82 cents per share, up from $1.95 billion, or 69 cents per share during the year earlier period. Adjusted for one-time items, earnings per share came in at 85 cents, well above analysts’ expectation for earnings of 78 cents.
Procter & Gamble reported revenue of $16.08 billion for the three-month period ending in June, down slightly compared with the $16. 10 billion in revenue recorded during the same quarter a year ago. However, the decline had been expected. Economists forecast revenue to decline to $16.02 billion during the quarter.
The company said that it forecast earnings to grow 5% to 7% in 2018.
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