Procter & Gamble Net Profit Falls; Shares Slide

NEW YORK ( TheStreet) -- Shares of Procter & Gamble ( PG) were falling in premarket trading Friday after the consumer-products maker's third-quarter earnings fell from the previous year, although they topped analysts' estimates.

P&G reported third-quarter earnings of $2.4 billion, or 82 cents a share, down from year-earlier earnings of $2.9 billion, or 96 cents. The latest quarter included restructuring-related charges of 13 cents a share.

Analysts, on average, expected earnings of 93 cents a share.

In the fiscal third quarter, Procter & Gamble's sales increased 2% to $20.2 billion.

For the fourth quarter, earnings per share are expected to be between $1.21 and $1.32 due to an anticipated gain of between 47 and 50 cents on the company's sale of its snacks business to Kellogg ( K).

Shares of Procter & Gamble dropped 1.97% in premarket trading Friday to $65.55. The stock is up 0.24% year to date.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

-- Written by Alexandra Zendrian

>To contact the writer of this article, click here: Alexandra Zendrian

>To submit a news tip, send an email to:

>To follow the writer on Twitter, go to Alexandra Zendrian.

If you liked this article you might like

Crazy Weak U.S. Dollar Will Make These 10 Companies Huge Winners

Analyst Rips Ralph Lauren Stock, Right After Glitzy Fashion Show

Cramer: It's Too Early To Tell If Peltz Will Win A Seat On The P&G Board

The Best Companies for Women

Nelson Peltz: P&G Needs to 'Step Into This Century'