Procter Gamble Earnings Rise 8

Procter & Gamble Earnings Rise 8%

Oct. 25, 2013
The company reiterated its fiscal year 2014 guidance of organic sales growth of 3%-4%.

NEW YORK CITY -- Procter & Gamble (IW 500/12) said earnings for the period ending September 30 came in at $3 billion on revenues of $21.2 billion, up from the prior-year level of $2.8 billion on revenues of $20.7 billion. This was a 7.6% rise in quarterly earnings .

Those results translated into "core" earnings per share of $1.05, matching analyst forecasts. "Core" earnings strip out one-time items and restructuring costs. Stripping out currency effects, core earnings were $1.14 per share.

Revenues slightly exceeded the $21.05 billion forecast by analysts.

P&G reported flat or higher "organic" sales in all five major business segments. The company reported its strongest earnings growth in the beauty segment, while earnings declined the most in healthcare.

Organic sales exclude divestitures and other effects.

P&G is expected to accelerate cost-cutting efforts in the coming quarters with the May 2013 reappointment of A.G. Lafley as chief executive.

P&G reiterated its fiscal year 2014 guidance of organic sales growth of 3%-4%.

The company "expects strong earnings growth in the second half of its fiscal year behind continued top-line growth, productivity savings that will continue to build throughout the year and more favorable foreign exchange base period comparisons," it said.

Copyright Agence France-Presse, 2013

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