NEW YORK (TheStreet) -- Procter & Gamble Co. (PG) - Get Report stock is rising by 1.76% to $78.20 in pre-market trading on Tuesday, after the company reported better than expected earnings for the fiscal 2016 second quarter. Revenue fell short of estimates.
The Cincinnati-based consumer goods manufacturer reported earnings of $1.04 per share for the quarter ended December 31, beating estimates by 6 cents.
Revenue declined by 9% year-over-year to $16.92 billion for the latest quarter, just below estimates of $16.94 billion because of a negative impact from foreign exchange rates. Revenue was impacted by the deconsolidation of Venezuelan businesses and other brand divestitures.
"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," CEO David Taylor said in a statement.
Procter & Gamble expects its sales to continue to decline in the high-single digits for fiscal 2016, with the negative impact of foreign exchange rates accounting for about seven percentage points.
Separately, Procter & Gamble has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's increase in net income, expanding profit margins, largely solid financial position and growth in earnings per share.
You can view the full analysis from the report here: PG
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