Procter & Gamble Co (NYSE:PG) stock jumped on Tuesday after the release of its earnings report for the fiscal first quarter of 2017.
Procter & Gamble Co reported earnings per share of 96 cents for its fiscal first quarter of 2017. This is up from the 91 cents reported during the same time last year. However, if fell just short of the earnings per share of 98 cents that Wall Street was expecting for the quarter.
Revenue reported by Procter & Gamble Co during its fiscal first quarter of 2017 was $16.52 billion. The consumer goods company reported the same revenue in the fiscal first quarter of 2016. Analysts were expecting the PG to report revenue of $16.49 billion for its fiscal first quarter of 2017.
Procter & Gamble Co reported operating cash flow of $3 billion for the fiscal first quarter of 2017. It also noted that free cash flow productivity during this time was 85%.
“Our first quarter results mark a good start to the fiscal year,” David Taylor, Chairman, President and Chief Executive Officer of Procter & Gamble Co, said in a statement. “We delivered broad-based organic sales growth improvement across product categories and markets, as well as strong cost savings.”
Procter & Gamble Co also noted that it repurchased $1 billion of its stock in its first fiscal quarter of 2017. The company also distributed $1.9 billion to shareholders in the form on dividends during this time.
Procter & Gamble Co also released its outlook for the full year of fiscal 2017. The company expects earnings per share for the year to be between 45% to 50% higher than in fiscal 2016. Fiscal 2016 saw earnings per share of $3.69.
PG stock was up 4% as of Noon Tuesday.
