Procter &Gamble Posts Inline Results for September Quarter

October 28 00:00 2011

New York, October 28 (RainbowNewsLine.com) – Procter & Gamble Co (NYSE: PG) maker of Pampers diapers and Tide detergent, reported a slight dip in its quarterly profit as per analysts’ expectations. The world’s largest household products maker raised prices and notched sales gains in each unit. The company earned $3.02 billion, or $1.03 per share, in the first quarter ended on September 30, compared with $3.08 billion, or $1.03 per share, a year earlier.

Procter & Gamble’s sales rose 8.9 percent to $21.92 billion whereas organic sales rose 4 percent after off-setting the impact of acquisitions, divestures and foreign exchange fluctuations and it reached the high end of the company’s forecast of 2 percent to 4 percent.

P&G had forecast earnings of $1.00 to $1.04 per share and analysts on average were looking for a profit of $1.03 per share on $21.53 billion in sales. The company sold 2 percent more volume of goods, excluding acquisitions, asset sales and currency fluctuations. Its growth in developing regions was partially offset by a decline in developed regions.

The expectations of the company are that it will have full-year earnings of $4.17 to $4.33 per share, with sales up 3 percent to 6 percent. Analysts’ expectations are $4.20 per share this year. P&G forecast earnings of $1.05 to $1.11 per share, with sales growth of 3 percent to 5 percent for the current second quarter, which ends in December.

P&G stock rose 0.9 percent to $65.53 in thin premarket trade.

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