Any news is good news, apparently, when it comes to
Procter & Gamble's
While the maker of Pampers diapers, Gillette shavers and Crest toothpaste, said it expects full-year 2010 earnings smaller than Wall Street's expectations, investors were relieved to receive any forecast. The company declined to provide guidance when they reported third-quarter earnings.
After much speculation, the company finally said on Thursday that it expects full-year 2010 earnings in the range of $3.65 to $3.80 a share, well below analysts' expectation of $3.91.
Still, shares of the company remained relatively flat at $51.79 in morning trading.
Procter & Gamble also foresees 2010 sales growth in the range of negative 2% to plus 1%.
The company has seen sales fall as consumers buy less and trade down to lower-priced products.
Procter & Gamble recently reported a 44% plunge in third-quarter profit to $2.61 billion or 84 cents a share, while its revenue fell 8%, to $18.42 billion. Procter & Gamble forecasts sluggish sales until the end of the year, but declined to offer guidance.
In ongoing efforts to build market share against competitors, the company plans to build up business in major developing markets such as India, China and Brazil. P&G leaders also said they will invest aggressively in marketing and developing new products.
The company is also ramping up new products, and will launch this summer a Tide laundry additive called Stain Release, and a Bounce Dryer Bar fabric softener product that can be left in the dryer, instead of adding dryer sheets to loads.
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