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* Co tops estimates for Q4 profit, sales
* Organic sales up 19% in U.S., 14% in Greater China
* Shares touch record high of $131.63
* Forecasts FY sales and profit above analysts estimates
July 30 (Reuters) - Procter & Gamble Co forecast
higher profit and sales for the year on Thursday, encouraged by
surging demand for its detergent and dish soap as consumers
clean their homes more often amid the coronavirus pandemic.
Shares of the world's biggest personal care goods company
rose about 2% to a record high of $131.63 after it also beat
estimates for fourth-quarter revenue and profit.
The company, which sells Bounty paper towels, Charmin toilet
paper, Ariel detergent and Mr. Clean products, has seen an
unprecedented demand for these products since the lockdowns
started, often leading to shortages at some supermarkets.
"(P&G's) products are more important than ever given the
needs created by the current crisis. There's an increased
awareness of health and hygiene and additional time we're all
spending at home," Chief Executive Officer David Taylor said on
a post-earnings call.
With lockdown restrictions easing in parts of the world,
some companies, particularly packaged food makers like Nestle
and Kellogg, have seen a drop in demand. But P&G's numbers
underscored sustained demand for its products.
"Pantry-loading benefits are likely to abate, though with
underlying demand strong, our constructive view remains,"
Jefferies analyst Kevin Grundy said. "P&G remains a stock to own
through the recession."
P&G forecast fiscal 2021 adjusted profit to rise between 3%
to 7%, or $5.27 per to $5.48 per share, that were above
expectations. It also expects sales to grow in the range of 1%
In the quarter ended June 30, P&G's organic sales, which
strip out the impact of deals and currency fluctuations, were up
6%, driven by strong growth in United States and Greater China.
Sales at P&G's fabric and home care unit, home to Ariel and
Dawn brands, increased 11%. Sales at its baby, feminine and home
care unit rose 3%.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by