Procter & Gamble
beat Wall Street's expectations with its fiscal third-quarter results, as the household products maker said sales growth and cost controls offset higher commodity costs.
The Cincinnati, Ohio-based company posted a net profit of $2.71 billion, or 82 cents a diluted share, vs. $2.51 billion, or 74 cents a diluted share, in the year-ago period. Analysts polled by Thomson Financial had expected earnings of 81 cents a share.
P&G reported net sales of $20.46 billion, a 9% jump from a year ago. Analysts had forecast $20.43 billion in sales.
"This quarter is yet another demonstration of the power of P&G's product category and geographic diversification and disciplined focus on cash and cost productivity," Chairman and CEO A.G. Lafley said in a company statement. "P&G delivered strong results in line with long-term targets in a challenging economic and competitive environment with broad-based sales and share growth, earnings growth and overhead cost improvement."
The company increased its full-year outlook. It now sees a profit of $3.48 to $3.50, up from its prior guidance range of $3.46 to $3.50. That's in line with analysts' profit expectation of $3.49 a share. The company cited "strong" third-quarter results for the optimism.
Shares were rising 2.8% to $67.71 in recent premarket trading.
Consumer goods rival
shares were falling after the company saw profits sag on restructuring charges Wednesday morning.
also saw shares dip Tuesday, after missing profit expectations.
missed top-line expectations Monday.
Other household product makers
Johnson & Johnson
were mixed in trading Tuesday.
This article was written by a staff member of TheStreet.com.