Procter & Gamble 1Q earnings $3.08B vs $2.7B |
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Tue, 30 Oct 2007 12:06
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NEW YORK (Thomson Financial) - Procter & Gamble Co. Tuesday reported fiscal first-quarter earnings of $3.1 billion, or 92 cents a share, up from a year-ago profit of $2.7 billion, or 79 cents a share.The Cincinnati-based consumer products giant said the latest results reflect a tax benefit of 2 cents a share.Sales rose 8% in the latest three months to $20.2 billion from $18.79 billion in the same period a year earlier.The mean estimate of analysts polled by Thomson Financial was for a profit of 89 cents a share in the September quarter on revenue of $20.23 billion.P&G, a Dow component, attributed the year-over-year earnings growth to strong sales and an improvement in operating margin.The company also lifted its outlook for fiscal 2008 to earnings of $3.46 to $3.49 a share, an increase of 2 cents a share to reflect the tax benefit recorded in the September quarter.Also for the year, the company said it expects organic sales growth of 4% to 6%, which is in line with its long-term target range.For the second quarter, ending in December, P&G expects earnings of 95 to 97 cents a share. The current average analysts' view is for a profit of 97 cents a share in the period.The stock closed Monday at $71.83.Michael BaronmbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Procter & Gamble's 2.1 bln eur notes assigned 'AA-' ratings - S&P 