Procter & Gamble Core EPS Tops Estimates

CINCINNATI ( TheStreet) -- Procter & Gamble ( PG) said earnings from continuing operations in the fiscal second quarter rose 6% on volume growth.

The consumer products company earned $3.33 billion, or $1.11 a share, in the quarter, up from earnings from continuing operations of $3.15 billion, or $1.01 a share, a year earlier. Net income in the second fiscal quarter of 2010 was $4.66 billion, or $1.49 a share, which included a gain from the sale of a business.

Core earnings in the latest second quarter were $1.13 a share, 2 cents above the top end of P&G's guidance range, the company said in a press release Thursday.

Net sales in the quarter rose 2% to $21.35 billion from $21.03 billion, "driven by 6% volume growth which was partially offset by unfavorable foreign exchange and mix impacts," the company said.

Organic sales in the quarter rose 3%.

Analysts surveyed by Thomson Reuters expected Procter & Gamble to earn $1.10 a share in the quarter on revenue of $21.58 billion.

The company said net sales in fiscal 2011 are expected to increase 3% to 5%, with organic sales growth of 4% to 6%.

P&G expects earnings from continuing operations in 2011 of $3.89 to $3.99 a share, up 10% to 13%. The company maintained its guidance for Core EPS of $3.91 to $4.01, an increase of 7% to 9%.

-- Written by Joseph Woelfel

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