Procter & Gamble beats on Q2 earnings report after shedding unprofitable brands

Procter & Gamble, the US company behind brands such as Head and Shoulders shampoo and Gillette shaving equipment, reported better-than-expected quarterly net income and revenue on Friday.

The company also raised its growth forecast for 2017, as its shares traded 2% higher after the news.

P&G has been reorganising its more unprofitable brands as it focuses on shoring up its core businesses.

The company sold 41 brands during 2016, including Clairol and Covergirl, to Coty for $12.5bn.

Net income attributable to the company for the final quarter of 2016 rose to $7.88bn, or $2.88 per share, from $3.21bn, or $1.12 per share, in the corresponding quarter in 2015.

Analysts had expected earnings of $1.06 per share

"We delivered good results in the second quarter in a difficult operating environment," P&G chief executive David Taylor said in a press release accompanying the results. "Stronger top-line performance in the first half of the fiscal year is enabling us to increase our organic sales growth outlook for the full year."