Procter & Gamble shares soar as sales rise amid Covid-19 panic buying
The US-based consumer goods company has seen quarterly sales increase by 5% as consumers stockpile essentials amid lockdowns aimed at curbing the spread of the coronavirus.
Procter & Gamble (P&G) recorded a 5% increase in quarterly sales on Friday, which has sent its shares soaring in early morning trading.
The rise in the company’s third quarter (Q3) revenues comes as consumers stockpile everything from hand sanitiser to snacks amid government-imposed lockdowns aimed at limiting the spread of Covid-19.
‘The strong results we delivered this quarter are a direct reflection of the integral role our products play in meeting the daily health, hygiene and cleaning needs of consumers around the world,’ P&G Chairman, President and CEO David Taylor said in a statement.
‘Our organization has been doing a terrific job against our near-term priorities – protecting the health and safety of each other, maximizing availability of P&G products to meet heightened consumer need and helping society meet and overcome the challenges of this crisis.’
Procter & Gamble Q3 earnings: key figures
P&G reported net sales of $17.2 billion in Q3 2020, with core earnings per share increasing 10% to $1.17, according to its latest financial results.
Operating cash flow was $4.1 billion for the quarter, with free cash flow productivity of 113%.
P&G returned $2.8 billion of cash to shareholders through $1.9 billion in dividend payments and $900 million of common stock repurchases in the third quarter.
Over the last 10 years, P&G has returned over $120 billion to shareholders in cash dividends and stock repurchase.
Earlier this week, P&G also announced a 6% increase in its quarterly dividend.
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