Procter & Gamble (NYSE:PG) is excelling through the current global sales environment. The consumer staples giant, which owns brands like Tide detergent, Pampers diapers, and Bounty paper towels, announced strong revenue and profit gains on Friday. The latest trends kept it on track to meet its broader targets for the fiscal year.
P&G's sales expanded 6% in the fiscal third quarter to mark a modest acceleration over the expansion pace of the prior six months. Standout performers included its fabric, home, and healthcare segments while the beauty and grooming divisions held results back. Overall, the gains reflected robust global growth despite COVID-19 retailing disruptions.
"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," CEO David Taylor said in a press release.
The company affirmed the key elements of its 2020 outlook and is still calling for sales to jump by between 4% and 5% while improving profitability delivers even faster profit growth. P&G's robust cash flow is giving management plenty of flexibility to continue repurchasing shares while paying out a dividend that was recently hiked by 6%.