Corrected to note that P&G's earnings were for the second quarter, not fourth
- Procter & Gamble (PG) - Get Report, the consumer products giant, reported second-quarter core earnings of $1.10 a share. Net earnings were $1.69 billion, or 57 cents a share.
- Revenue was $22.1 billion.
- Analysts polled by Thomson Reuters expected earnings of $1.08 a share on revenue of $22.19 billion.
- In the year-earlier second quarter, P&G earned $1.11 a share on revenue of $21.3 billion.
- Procter & Gamble said net sales in fiscal 2012 are expected to increase 3% to 4%. Core EPS is anticipated at $4 to $4.10. Prior guidance called for core EPS of $4.15 to $4.33 a share. Foreign exchange hurt profit by 15 cents to 18 cents a share, the company said.
NEW YORK (
Procter & Gamble's
second-quarter net sales rose 4% to $22.1 billion led by increases from developing countries.
The consumer products giant saw high-single-digit volume growth in developing countries, offset by mid-single-digit declines from developed areas. Procter & Gamble said it had price increases in all its divisions and geographies in part to help offset higher commodity costs.
The company's baby and family care division posted a sales increase of 6% to about $4.2 billion. Fabric and home care sales rose 5% to $6.6 billion.
Procter & Gamble said it expects earnings in the fiscal third quarter of 81 cents to 87 cents a share; core EPS is estimated at between 91 cents and 97 cents. Earnings during the three months, P&G said, will be impacted by higher commodity costs.
Net sales in the quarter are estimated to be somewhere between flat and up 2%.
For the second half of 2012, Procter & Gamble said it anticipates that commodity cost comparisons will ease and it should see core operating profit improvements. P&G estimates operating profit for the second half of the year will experience double-digit growth.
Shares of Procter & Gamble ticked down 18 cents to $64.62 in premarket trading Friday.
gives Procter & Gamble an A- grade with a buy rating and
-- Written by Alexandra Zendrian
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