Investing.com - Procter & Gamble saw shares turn lower in pre-market trade on Tuesday despite reporting fourth quarter earnings that beat consensus.
Specifically, the Dow component reported fiscal second quarter adjusted earnings-per-share (EPS) of $1.19, compared to expectations of $1.14.
Diluted net earnings per share were $0.93, a decline of 68% versus the prior year due to the Beauty Brands divestiture gain in the base period and a current period net income tax charge related to the recently enacted U.S. Tax Cuts and Jobs Act, the firm explained.
Revenue grew 3.2% from the same period a year before to $17.4 billion, coming in ahead of estimates for $16.77 billion.
“We accelerated organic sales growth and delivered strong productivity cost savings and cash flow,” P&G chief David Taylor said in the release.
“We remain on track to achieve our fiscal year objectives,” he added.
Despite an initial reaction to the upside, by 7:13AM ET (12:13 GMT), shares in Procter & Gamble (NYSE:PG) were last off 0.41% to $91.50, compared to Monday's close of $91.89.