New York: Strong sales of electric toothbrushes and other health care products helped Procter & Gamble report better-than-expected quarterly earnings on Tuesday.
The consumer products giant, which suffered revenue declines in all four quarters of the last fiscal year due to a strengthening dollar and lackluster global economic growth, reported flat sales in the first quarter of fiscal 2017.
Net income for the quarter ending September 30 rose four percent to $2.7 billion. That translated into $1.03 per share, five cents above analyst expectations.
Net sales were flat at $16.5 billion.
The consumer products giant's best business was health care, which rose four percent compared with the year-ago period. It cited strong growth from electric toothbrushes.
Sales in P&G's beauty, grooming and baby, feminine and family care businesses all fell slightly, while sales grew slightly in fabric and home care.
Over the last couple of years, P&G has pared down dozens of secondary brands as it boosts marketing and promotion around a series of core products, including Old Spice deodorant, Crest toothpaste and Pantene shampoo.
"We're pleased with the progress we're making, but there is still more work to do to get back to the levels of balanced top and bottom-line growth and cash generation that will consistently put P&G shareholder value creation among the best in our industry," said chief executive David Taylor.
Shares jumped 2.3 percent in pre-market trade.
