With activist Nelson Peltz watching, Procter & Gamble Co. (PG) - Get Report on Friday, Oct. 20, reported $2.9 billion in net profit in its first fiscal quarter, up 5% from the same period a year ago and in line with the expectations of Wall Street analysts.
The iconic American packaged goods company also reported net sales of $16.7 billion for the period ended Sept. 30, an increase of 1% from the same period a year ago. In the first quarter a year earlier, P&G reported a $2.7 billion profit on $16.5 billion in sales.
Wall Street analysts expected P&G would report $2.9 billion profit on sales of $16.7 billion in the first quarter of fiscal 2018 according to FactSet. P&G's share price dropped slightly in premarket trading on the news, to $90.12 a share.
"First-quarter sales and earnings results were in line with our going-in expectations and keep us on track to deliver our targets for the fiscal year," said P&G CEO David Taylor in a statement.
The bland earnings report comes as Peltz and P&G await the final results in what became the largest boardroom battle in the history of proxy wars, which took place last week at P&G's company's Cincinnati offices. Peltz, who has $3.5 billion in P&G shares, has been seeking one seat on the $230 billion market capitalization company's board.
Preliminary results of the shareholder vote disclosed Monday, Oct. 16, gave Peltz 49.8% of the vote, which if confirmed by an inspector of elections would mean that the activist investor just missed gaining a boardroom seat at P&G. However, after the results were released, Peltz said he wasn't yet conceding and that the results were still too close to call.
His activist fund, Trian Partners, is still waiting for the final results tabulated by IVS Associates Inc., P&G's inspector of elections.
But one thing is clear: Win or lose, Peltz and other investors aren't expected to be satisfied with P&G's first-quarter results. Expect Trian and other investors to continue to put pressure on the iconic American company in the months to come.
More of What's Trending on TheStreet: