USA: P&G beats Wall Street expectations
Net sales were $9.51 billion down from $9.78 billion a year ago but these latest results included a $113m charge for the company's corporate restructuring program, which P&G is accelerating to meet competition in supermarkets and other retail fronts.
Earnings for the quarter rose 11% to $1.01 billion, or $0.71 per share (excluding the restructuring expense), $0.02 higher than the $0.69 a share that analysts expected.
For the first nine months of this financial year, earnings were $3.24 billion, or $2.29 a share, up from $3.03 billion, or $2.10 a share a year ago. While net sales for the first nine months fell to $29.66 billion from $30.29 billion a year ago because of unfavourable exchange rates.
In February P&G was forced to lower its third-quarter earnings per share estimate to allow for the impact of Turkey's economic crisis and said it would earn $0.69 to $0.72 a share, 2-3% lower than the original estimate.
As part of the company's effort to sell off businesses that are no longer in its long-term plan, P&G announced last week that it is looking to sell its Jif peanut butter and Crisco brands or even swap them for other products.
During the third-quarter P&G also formed a new venture company with cola giant Coca-Cola Co., to develop and sell snacks and juices worldwide.
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