Procter & Gamble
posted a 13% gain in first-quarter earnings and reaffirmed guidance for the second quarter and 2005.
For the quarter ended March 31, the Cincinnati-based maker of Tide, Crest and Pampers made $1.72 billion, or 63 cents a share. That's up from the year-ago $1.53 billion, or 55 cents a share, and 2 cents ahead of the Wall Street analyst consensus estimate.
Revenue rose 10% from a year ago to $14.29 billion. P&G guided to second-quarter earnings of 54 or 55 cents a share and 2005 earnings of $2.64-$2.65 a share. Those figures match the Thomson First Call analyst consensus estimates.
The company said unit volume rose 6% and organic volume growth, excluding acquisitions, was 7%. Gross margin decreased 10 basis points, as the margin impacts of higher commodity costs were partially offset by the scale benefits of volume growth, pricing actions and cost-reduction programs.
P&G rose a dime early Thursday to $53.63.