P&G Affirms Sales Outlook

The consumer goods giant expects 6%-7% sales growth for the quarter ending in June.
Author:
Publish date:

Procter & Gamble

(PG) - Get Report

Tuesday confirmed its fourth-quarter sales and earnings forecast.

The consumer goods giant expects 6%-7% sales growth for the quarter ending in June and earnings of 64 cents to 66 cents a share.

While giving its third-quarter numbers, the Cincinnati-based company told investors they could expect 5%-6% organic sales growth in the fourth quarter. It reaffirmed that number as well. P&G will report fourth-quarter financials Aug. 3.

P&G made it known during the third quarter that it would discontinue quarterly guidance in 2008 in an attempt to smooth the fluctuation in share price.

"Procter & Gamble has been doing midquarter announcements for the last four to five years," said Terry Loftus, P&G corporate relations. "We expect to do another in September for the fourth quarter." Loftus said the new policy will take effect with the October-December quarter.

Last quarter, the share price fell when the market was disappointed that the company failed to beat management's guidance. The stock hit a 52-week high on Jan. 19, 2007, and has since been stuck in a range between $61 and $64.

Shares were up 44 cents, or 0.7%, at $63.63 in recent trading Tuesday.