World’s largest consumer goods company, Procter & Gamble Company (NYSE: PG), announced second quarter of fiscal year 2024 results on Tuesday.

The company achieved revenue of $21.441 billion for the quarter (up by 3% year-over-year), slightly short of Wall Street estimate of $21.476 billion.

Earnings per share reached $1.84 per share (up by 16% year-over-year), which was above analyst estimate of $1.697 per share.

Company overview

• Founded: October 31, 1837
• Headquarters: Cincinnati, Ohio, United States
• Number of employees: 27,560 (2023)
• Industry: Consumer goods
• Key people: David S. Taylor (Executive Chairman), Jon R. Moeller (President and CEO)

CEO commentary

”We delivered strong results in the second quarter, enabling us to raise our core EPS growth guidance and maintain our top-line outlook for the fiscal year,” CEO of the company, Jon Moeller, said in a press release to investors.

”We remain committed to our integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization. The P&G team’s execution of this strategy has enabled us to build and sustain strong momentum. We have confidence this remains the right strategy to deliver balanced growth and value creation,” Moeller added.

Stock reaction

The latest results had a positive impact on the stock in Tuesday’s session. Shares were up by 4.39% at $154.35 a share – the highest since 14/9/2023.

Stock performance

• 5 day: +2.99%
• 1 month: +5.71%
• 3 months: +2.92%
• Year-to-date: +5.28%
• 1 year: +8.78%

Procter & Gamble price targets

• JP Morgan Chase & Co.: $162
• Barclays: $160
• Jefferies Financial Group: $177
• DZ Bank: $155
• Wells Fargo & Company: $162
• Stifel Nicolaus: $151
• Sanford C. Bernstein: $153
• HSBC: $179
• Bank of America: $175
• Morgan Stanley: $174
• Deutsche Bank: $173
• Royal Bank of Canada: $167
• Truist Financial

Procter & Gamble Company is the 22nd largest company in the world with a market cap of $363.71 billion, according to CompaniesMarketCap.

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Sources: Procter & Gamble Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap