Procter & Gamble
said higher sales and cost cuts helped it boost earnings by 9% in its fiscal second quarter.
The consumer products giant earned $1.3 billion, or 93 cents a share, in the quarter, up from $1.19 billion, or 84 cents a share, last year. Core earnings were $1.03 a share, in line with analysts' estimates, while sales rose 2% to $10.3 billion.
P&G said it expects earnings before items to rise at a high-single-digit percentage rate in the March quarter, based on strong sales volume growth and cost savings. Analysts on average were forecasting a 5% increase.
The company expects sales volume to rise at a high single-digit percentage rate in the third quarter, with sales rising in the mid-single digits, excluding foreign exchange.