P&G plant in Iowa City
By CBJ News Staff
Procter & Gamble shares jumped in early trading this morning after the company’s core fourth quarter earnings rose 5%, and the company projected stronger profit and sales for 2021.
Sales of cleaning products like Bounty paper towels and Mr. Clean surface cleaning solutions received a boost from consumer demand to wash surfaces due to the COVID-19 pandemic, P&G reported. The shelter-at-home period also boosted sales of Ariel detergent and Charmin toilet paper.
Diluted net earnings per share were up $3.19 per share from one year ago, to $1.07, and core earnings per share rose 5% to $1.16.
Although some national governments have eased COVID-19 restrictions, P&G expects high demand for many of its products to continue through the year as consumers and businesses maintain higher sanitation standards. The company expects its 2021 adjusted profit to rise between 3% to 7%, or $5.27 to $5.48 per share.
The 2021 forecast exceeded the consensus expectations of Wall Street analysts, and sent shares about 2.5%, or $3.30 higher in mid-morning trading.
P&G manufactures Oral B dental care and a variety of personal care products in Iowa City. CBJ