Detail view of rolls of Charmin toilet paper in a domestic home, San Ramon, California, March 25, 2020.
Smith Collection | Gado | Getty Images
Procter & Gamble reported that its fiscal third-quarter U.S. sales surged 10% as consumers stocked up on staples like toilet paper ahead of the coronavirus outbreak.
Shares of the company fell less than 1% in premarket trading.
Here’s how Procter & Gamble did for the quarter ended March 31:
- Earnings per share: $1.17, adjusted
- Revenue: $17.21 billion
P&G reported fiscal third-quarter net income of $2.92 billion, or $1.12 per share, up from $2.75 million, or $1.04 per share, a year earlier. Excluding items, the Charmin owner earned $1.17 per share.
Net sales rose 5% to $17.21 billion.
Wall Street anticipated earnings per share of $1.13 on revenue of $17.46 billion, based on a survey of analysts by Refinitiv. However, it’s difficult to compare reported earnings to analyst estimates for P&G’s quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.