P&G Lifts Profit Guidance

Procter & Gamble (PG Quote) raised its sales and earnings expectations for the September quarter, saying product volume has been strong. The company also said it was comfortable with Wall Street's consensus estimate for fiscal 2004.

The company expects earnings for the fiscal first quarter to grow around 19% to 21% from $1.04 a share in the same period last year. Excluding charges of 8 cents a share, quarterly earnings should increase 11% to 13% from last year's core earnings of $1.12.

P&G's forecast implies a profit of $1.24 to $1.26 a share and core earnings of $1.24 to $1.27. Core earnings exclude charges from the company's restructuring program. ...