P&G Reports Upbeat Quarterly Results – Long Position Suggested
Procter & Gamble Co. (P&G), the world’s largest maker of household and personal-care products reported a better-than-expected quarterly profit before the market open on Tuesday.
P&G posted a profit of $2.71 billion, or 96 cents a share for the first fiscal quarter of 2017, up from $2.6 billion, or 91 cents a share, a year ago. Upbeat results were underpinned by cost-cutting and strong demand for its health care products.
Particularly, P&G’s health care segments performed the best, recording 5% increase in volume, fabric and home care and baby, feminine and family care segments came after with 4% improvement. Beauty brands contributed 2% and grooming products added 3%.
The company also reduced costs by selling off unprofitable brands and building a plan to cut as much as 10 billion over the next five years, after having saved the same amount in costs over the last five years.
Buy Stop at 87.25, take profit at 88.00, stop loss at 87.00