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[video] Procter & Gamble Sees Net Income Fall 16% but Still Manages to Beat Estimates

NEW YORK (TheStreet) -- Shares of Procter & Gamble are rising in morning trading after reporting second-quarter profit that beat Wall Street expectations.  The household products company actually saw net income drop 16% from the same period a year ago, but excluding restructuring costs, earnings came in at $1.21 a share, which beat analyst expectations by a penny.  Revenue climbed less than 1% to $22.28 billion, missing analyst expectations of $22.34 billion.  Looking forward, P&G reiterated its 2014 guidance, which includes 3% to 4% sales growth excluding acquisitions and currency exchange, and core earnings growth of 5% to 7%.

VIDEO TRANSCRIPT:

Shares of Procter & Gamble (PG) were rising in morning trading after reporting second-quarter profit that beat Wall Street expectations.

The household products company actually experienced net income that dropped 16% from the same period a year ago, but excluding restructuring costs earnings came in at $1.21 a share, which beat analyst expectations by a penny, according to FactSet.  Revenue climbed less than 1% to $22.28 billion, missing analyst expectations of $22.34 billion.

The company has been cutting costs and axing jobs, as well as trying to establish itself in emerging markets, where sales grew 8% during the period. Looking forward, P&G reiterated its 2014 guidance, which includes 3% to 4% sales growth excluding acquisitions and currency exchange, and core earnings growth of 5% to 7%.

At last check, shares of Procter & Gamble were climbing on the news.

In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York.

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