Pfizer and Procter & Gamble released their latest earnings reports before opening bell this morning. Pfizer reported 64 cents per share in adjusted earnings on $13.15 billion in revenue. Analysts had been expecting 62 cents per share in adjusted earnings and revenue of $13.01 billion. In last year’s second quarter, the drug maker reported $11.85 billion in revenue and 56 cents per share in adjusted earnings.
Procter & Gamble posted adjusted earnings of 79 cents per share on $16.1 billion in revenue. Analysts had been looking for 74 cents per share in adjusted earnings and $15.83 billion in revenue. In last year’s fourth fiscal quarter, the consumer product company reported revenue of $16.55 billion.
Pfizer’s profits fall
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Pfizer’s GAAP earnings declined to 33 cents per share from 42 cents per share last year. The Pfizer Standalone operations recorded $12 billion in revenue, while the Innovative Health segment’s revenue climbed to $7.1 billion. Essential Health revenue jumped to $6 billion.
The drug maker reaffirmed its full-year guidance for between $51 billion and $53 billion in revenue and adjusted earnings of $2.38 to $2.48 per share.
Shares of Pfizer declined by as much as 1.37% to $36.80 in premarket trading.
Proctor & Gamble’s profits also fall
Procter & Gamble’s GAAP earnings soared to 69 cents per share from 18 cents per share last year on the back of currency headwinds, the ongoing deconsolidation in Venezuela and divestures of minor brands. The company’s Beauty segment sales increased 1% year over year due to better pricing and higher organic volumes. The Grooming segment recorded a 7% increase in organic growth on the back of better pricing and volumes. Health Care organic sales grew 8%, while Fabric & Home Care sales increased 1% due to higher organic volumes. Baby, Feminine & Family Care sales grew 1%.
Procter & Gamble’s full-year earnings guide for 2017 is for growth in the mid-single digits against the full-year 2016 core earnings of $3.67 per share as currency headwinds continue. The company expects about a 2% increase in organic sales growth for 2017 as currency headwinds and divestures of minor brands reduce sales growth by about one percentage point.
Shares of Procter & Gamble declined by as much as 0.13% to $86.30 in premarket trading.