BUZZ-Procter & Gamble shares surge as Q1 results exceed expectations

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October 22 - ** Procter & Gamble (PG.N) shares rose as much as 6.3% to $166.72, reaching the highest level in nearly eight months

** If the gains hold, the stock will post its largest single-day increase since March 2020

** Thanks to demand for beauty and home care products, the company's first-quarter revenue exceeded (link) expectations

** According to London Stock Exchange Group (LSEG) data, first-quarter net sales grew 4% to $23.28 billion, surpassing the expected $22.80 billion

** First-quarter core earnings per share reached $2, above market expectation of $1.88

** The company maintains its target for organic sales growth of 1% to 3% and core earnings per share of $7 for fiscal year 2027

** “Given this fiscal year is still in its early stages and macroeconomic uncertainties remain, we support Procter & Gamble’s decision to maintain its performance outlook,” said RBC analyst Nik Modi

** Procter & Gamble stated that pricing had a slightly positive impact on this quarter's sales

** As of the close of the previous trading session, the stock is up 9.5% year-to-date

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