The US multinational Procter & Gamble (P&G) earned $ 10,317 million in the first nine months of its fiscal year, until this March, which is 12% more than the same period last year, driven by higher turnover of its household products and personal hygiene in the COVID-19 crisis.
P&G, which released its results this Friday, did not report the cumulative sales or earnings per share, but instead focused on the stretch between January and March 2020, its third fiscal quarter, to which more attention was paid by Wall Street analysts. and in which profits increased 6% year-on-year, standing at 2,917 million dollars.
The turnover between January and March amounted to 17,214 million, 5% more compared to the same quarter of 2019, thanks to the increase in the volume of shipments due to “strong demand in North America and certain European markets due to the COVID pandemic- 19 “, although at the same time it had declines in Asia due to the paralysis of retail trade.
By segments, the ones that grew the most in sales were home care (10%), which includes detergents; health care (9%), which includes toothpastes; and family care (7%), which includes toilet paper and diapers; while there was little variation in beauty (1%) and shaving decreased by 1%.
“The strong results of this quarter are a direct reflection of the integral role of our products to meet the daily health, hygiene and cleaning needs of consumers around the world,” said P&G CEO and President David Taylor, at a note.
“Our company has been doing a great job with short-term priorities: protecting the health and safety of everyone, maximizing the availability of P&G products to meet the high needs of consumers, and helping society overcome the challenges of this crisis, “he added.
The firm, which made a profit of $ 1.12 per share, said that this week it has increased quarterly dividends to its shareholders by 6% and has paid some 2.8 billion cash, between that concept and share repurchases.
Half an hour after the opening of the session on Wall Street, P&G shares rose 0.61%. So far this year the firm has cut its market value by 2%.