U.S. consumer products giant Procter and Gamble (up 0.37%) exceeded profit expectations for the first fiscal quarter and raised its sales estimates for fiscal 2021. Adjusted earnings for the three months ended September were $1.63, up 19% year-on-year, compared to $1.42 in market consensus. Revenues rose 8.4% to $19.3 billion, while consensus was $18.3 billion. Over the year, the group now expects organic growth of 4 to 5%. P&G wants to return $15 billion to $17 billion to its shareholders in the form of dividends or share buybacks. Adjusted earnings for the year are expected to increase by 5 to 8%.
Travelers (up 5.6%) announced diluted net earnings per share of $3.23 and adjusted income of $3.12 for the third quarter of 2020, which was up sharply year-on-year. Consolidated net income was $827 million and adjusted profit was $798 million. The consolidated combined ratio increased by 6.6 points to 94.9%. The underlying combined ratio increased by 2.6 points to 91.5%. Net premiums of $7.77 billion rose 3% year-on-year.
Philip Morris International (-5.7%) reported better-than-expected third-quarter earnings and revenues. The cigarette maker reported net income of $2.31 billion, or $1.48 per security, compared with $1.9 billion and $1.22 per security a year earlier. Adjusted EPS was $1.42, compared to $1.43 a year earlier and $1.36 of FactSet consensus. Revenues declined 2.6% to $7.45 billion from consensus 7.28 billion. The group increases its annual adjusted EPS guidance to between $5.05 and $5.10.
Lockheed Martin (-3%), the U.S. defense company, also beat consensus in the third quarter and boosted its 2020 forecast. The group now expects annual earnings per share of approximately $24.45. Earnings per share for the three months ended September increased 10% to $6.25 from consensus$6.10. Consolidated revenues improved by nearly 9% to $16.5 billion, compared with consensus 16.2 billion. The group expects annual sales of $67 billion, up 3%.
ManpowerGroup (-2.4%) reported a 13% decline in revenues (-14.5% at constant exchange rates) for the third quarter. Net income was 18 cents per security, compared to $2.42 for the comparable period last year. Net profit was $10 million, compared to $146 million a year earlier. Revenues were $4.6 billion, down 13% year-on-year.