Procter & Gamble said Friday its fiscal second-quarter net income more than doubled, and the world's largest consumer products maker is boosting its profit outlook as the maker of Tide and Pampers takes back market share.
For the October-through-December quarter, the company earned $4.06 billion, or $1.39 per share, up from $1.69 billion, or 57 cents per share, in the same quarter last year.
Excluding items, it earned $1.22 per share. Revenue increased 2 percent to $22.18 billion.
Analysts polled by FactSet expected earnings of $1.11 per share on $21.86 billion in revenue.
The company said it held or increased its market share in businesses representing nearly 50 percent of the recent quarter's sales. In the U.S. market, that figure increased to 60 percent of sales.
Based on its better-than-expected results for the first half of the year, the U.S.-based company said it now expects fiscal 2013 core earnings of $3.97 to $4.07 per share on revenue growth of 1 percent to 2 percent. It previously predicted an adjusted profit of $3.80 to $4 on flat revenue growth to up to 1 percent.
Analysts expect earnings of $3.97 per share.
For the current quarter, the company projected core earnings of 91 cents to 97 cents per share on sales growth of 3 percent to 4 percent. Analysts expect a profit of 95 cents per share.
Procter & Gamble Co. shares rose $1.06, or 2 percent, to $71.48 in premarket trading.