Procter & Gamble Ticks Higher Following Q2 Results

Shares of Procter & Gamble Co (NYSE: PG) were trading higher by nearly 2 percent at $78.25 early Tuesday morning after the release of the company's second quarter results and guidance for the full fiscal year.

Procter & Gamble earned $1.04 per share in the second quarter on revenue of $16.9 billion. Wall Street analysts were expecting the company to earn $0.98 per share on revenue of $16.96 billion.

Proctor & Gamble noted that its sales decreased 9 percent in the quarter, primarily due to unfavorable foreign exchange rates. Organic sales (excluding foreign exchange, acquisitions and divestitures) rose 2 percent.

Currency-neutral core earnings per share grew 21 percent from the same quarter a year ago, while diluted net earnings per share rose 37 percent.

"We are encouraged by our return to organic sales growth in the quarter," said President and Chief Executive Officer David Taylor. "With the top-line improvement and continued cost reduction, we delivered solid core operating income and EPS growth in the face of significant macro-economic and geopolitical headwinds."

Looking forward, Proctor & Gamble said it's maintaining its outlook for organic sales growth of in-line to up to low-single digits for the full fiscal year 2016. The company added it expects its all-in sales to be down by a high-single digit during fiscal 2016 due to foreign exchange rates and minor brand divestures.

Core earnings per share for the full fiscal year 2016 (including foreign exchange impacts) is expected to be down 3 percent to 8 percent compared to 2015's results.