Procter & Gamble Raises Dividend, Moves up Earnings Release Date

Toilet paper and paper products manufacturer Procter & Gamble boosts quarterly dividend by 6%.
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Procter & Gamble Co.  (PG) - Get Report said after the bell Tuesday it has raised its quarterly dividend 6% and moved up its scheduled fiscal third-quarter earnings report date to Friday, April 17.

The consumer products giant, which makes toilet paper and other paper products, declared a quarterly dividend of 79.07 cents a share, payable to common stock shareholders of record at the close of business on April 24.

The company said moving up its reporting date “should not be construed as an indication of either positive or negative results.” It added that its objective was to provide shareholders with information “as quickly and transparently as possible.”

Toilet paper and paper towels have been in high demand during the ongoing coronavirus pandemic with stores facing continuous challenges keeping it in stock.

Shares of Procter & Gamble rose $3.30, or 2.7%, to $124.26 in after-hours action. The stock gained 4.3% in the regular session as Wall Street staged a broad rally on optimism the rate of coronavirus infections in the U.S. is slowing.

Procter & Gamble is currently expected to report net income of $2.9 billion, or $1.11 a share, on sales of $17.3 billion, based on a FactSet survey of 17 analysts.

In the same period a year ago, the company posted earnings of $1.06 a share on sales of $16.5 billion. It reported net income of $3.2 billion.

The stock has fallen 8.3% since the company last reported earnings on Jan. 23.

In the upcoming quarter analysts are forecasting net income of $2.8 billion, or $1.07 a share, on sales of $17.1 billion.

For the year, analysts project revenue of $70.4 billion.