Procter & Gamble Co. reported a $4.1 billion profit for the second quarter ended Dec. 31 – a 138 percent jump from $1.7 billion profit in the same period the previous year.
The Cincinnati-based maker of Tide detergent and Crest toothpaste also reported sales rose 2 percent to $22.2 billion.
“Our second quarter results were at the high end of our expectations ,” said chief executive Bob McDonald, in a statement. “Global market share trends improved as we continued to implement our growth strategy and made very good progress against our productivity and cost savings goals.”
The results were strong enough for P&G to raise its sales, earnings and share repurchase outlook for the fiscal year ending June 30. The company said it expect to earn an annual profit of between $4.04 to $4.14 per share, equating to 10 to 13 percent growth.
P&G said annual organic sales will increase 3 to 4 percent, up from the previous 2 to 4 percent range.
Core earnings hit $1.22 per share, beating analyst estimates. The quarter included a 5 cent per share charge on restructuring costs as well as a 21 cent holding gain from the purchase of balance of a joint venture.
Analysts had expected the consumer products giant to generate a nearly $3.3 billion profit ($1.11 earnings per share) on sales of $21.9 billion for the quarter ending Dec. 31, according to Bloomberg News.