Procter & Gamble (PG) is expanding beyond the toothpaste, cleaning solution and razor front.
The consumer products giant said it’s ramping up production of face masks in an effort to help combat the coronavirus. P&G CFO Jon Moeller said on a media call Friday that it plans on making 10 million masks a month. The company is currently in the process of building out production capabilities in China and the U.S.
Moeller told Yahoo Finance it will soon be producing masks in Europe and Africa as well. It’s about 40% through in the production ramp, Moeller tells Yahoo Finance.
The Cincinnati company reported third quarter ended March 31 earnings Friday morning:
Earnings: $1.17 core EPS, beating estimates of $1.13 core EPS
Revenue: $17.21 billion, up from $16.46 billion; missing estimates of $17.33 billion
P&G shares are up 1% in pre-market trading Friday.
Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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