Procter & Gamble Tops Estimates

Consumer products maker Procter & Gamble(PG - Cramer's Take - Stockpickr) reported a 17% rise in first-quarter earnings Tuesday, beating Wall Street estimates by 2 cents on strong sales at its oral care, pharmaceuticals, and fabric and homecare businesses.

The Cincinnati-based company earned $1.4 billion, or $1.04 a share, up from $1.1 billion, or 79 cents a share, a year ago. Revenue rose 10.9% to $10.8 billion. Excluding $113 million in after-tax restructuring charges, P&G said it earned $1.58 billion, or $1.12 a share, in the latest quarter; on that basis analysts were expecting it to earn $1.10 a share, according to First Call.

Looking ahead, P&G expects unit volume for the second quarter to rise in the "high single-digits" compared with year-ago levels, while second-quarter earnings and sales are expected to rise in the mid to high single digits. Analysts are expecting the company to earn $1.09 a share on revenue of $10.9 billion in the period. Full-year sales are projected to grow 4% to 6%, while earnings growth is expected to be in the double digits.

The shares were up 1.7% to $87.23 in premarket trading on Instinet.