Procter & Gamble reports $4.3B in profits, boosting forecast as sales keep climbing

Procter & Gamble reported Tuesday a $4.3 billion profit for the quarter ended Sept. 30 – an increase of 19%.

Total sales were $19.3 billion, up 8.5% from the same period a year ago. Organic sales – a key measure of sales excluding impacts from foreign exchange, mergers or acquisitions – rose 9%.

Wall Street analysts had forecast the company would post a $3.6 billion profit before one-time charges on sales of $18.3 billion. Last year, P&G reported a $3.6 billion profit on sales of $17.8 billion.

P&G boosted its sales growth outlook from a range of 1-3% to a range of 3-4% for the fiscal year that runs through June 30, 2021. It also forecast its organic sales would climb 4-5% instead of the previous estimate of 2-4%.

The company also upped its core earnings forecast from a range of an increase of 3-7% to 5-8%.

“We delivered another strong quarter of organic sales growth, core earnings per share and cash returned to shareowners, enabling us to increase our outlook for fiscal year results,” said CEO David Taylor, in a statement.

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This article originally appeared on Cincinnati Enquirer: P&G reports $4.3 billion quarterly profit, boosts forecast