Procter & Gamble (PG) - Get Procter & Gamble Company Report posted stronger-than-expected fourth quarter earnings Tuesday and said it will repurchase as much as $8 billion in company stock in the coming fiscal year.
Procter & Gamble said core earnings for the three months ending in June came in at $1.10 per share, up 17% from the same period last year and 5 cents ahead of the Street consensus forecast. Group revenues, Procter & Gamble said, rose 3.6% to $17.1 billion and again topped analysts' estimates of a $16.8 billion tally.
Looking into its 2020 fiscal year, Procter & Gamble said it sees earnings rising between 4% and 9% from the 2019 period and said it will likely repurchase between $6 billion and $8 billion in outstanding shares.
"We met or exceeded each of our going-in core targets for sales, profit and cash in fiscal 2019," said CEO David Taylor. "We built sales, market share and profit margin momentum throughout the year, ending with our strongest quarter of organic sales growth in well over a decade."
"Looking ahead, we will continue to focus on superiority, productivity, constructive disruption and improving P&G's organization and culture to deliver sustainable, balanced top-line and bottom-line growth along with strong cash generation in a challenging competitive and macroeconomic environment," he added.
Procter & Gamble shares were marked 4.24% higher following the earnings release to change hands at an all time high of $120.86, a move that would extend the stock's year-to-date gain to around 32%.