Procter & Gamble shares up on earnings beat - CNBC

Procter & Gamble's Joy brand dishwashing liquid is arranged for a photograph in Tiskilwa, Illinois.

Daniel Acker | Bloomberg | Getty Images

Procter & Gamble on Tuesday topped analysts' estimates for its quarterly earnings and revenue and released an optimistic outlook for its next fiscal year.

Shares of the company rose 4% in premarket trading.

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

Earnings per share: $1.10, adjusted, vs. $1.05 expected
Revenue: $17.09 billion vs. $16.86 billion expected

The consumer products giant reported a fiscal fourth-quarter net loss of $5.24 billion, or $2.12 per share, compared with net income of $1.89 billion, or 72 cents per share, a year earlier. P&G said that the primary driver of the loss during the quarter ended June 30 was an $8 billion charge for accounting adjustments to the carrying values of its Gillette Shave Care business.

Excluding items, P&G earned $1.10 per share, beating the $1.05 per share expected by analysts surveyed by Refinitiv.

Net sales rose 4% to $17.09 billion, topping expectations of $16.86 billion.

The Cincinnati, Ohio-based company said that it expects fiscal 2020 revenue growth in the range of 3% to 4%. This includes a slight negative impact from foreign currency. Wall Street was forecasting fiscal 2020 revenue of $69.76 billion, up 3.5% from fiscal 2019.

It also expects adjusted earnings per share to increase by 4% to 9%. P&G said that its current forecast for commodities, foreign currency, transportation and tariffs is expected to result in a "modest net benefit" to earnings growth in fiscal 2020. Analysts were estimating that the company's adjusted earnings next fiscal year would rise 5.1% to $4.75 per share.

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