Shares of consumer goods giant Procter Gamble (NYSE: PG) jumped on Tuesday after the company reported financial results for its fiscal second quarter of 2024. As of 9:45 a.m. ET, P stock was up 5%, which is a big move for a company of this size.

P's Q2 ended in December and sales were close to what Wall Street expected. The company generated net sales of $21.4 billion which was up 3% year over year. However, this growth was entirely driven by higher prices. By contrast, shipment volumes were down by 1%.

On the bottom line, P's diluted earnings per share (EPS) fell 12% year over year to $1.40. However, the decrease was largely due to a $1.3 billion impairment charge related to intangible assets for its Gillette business. Without this noncash charge, diluted EPS would have been up 16% from the prior-year period.

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Source Fool.com