Procter & Gamble
said fiscal third-quarter earnings rose 16% on continuing solid sales of health care products and cosmetics.
Cincinnati-based P&G said net income for the quarter was $1.04 billion, or 74 cents a share, including a $147 million restructuring charge, up from earnings of $893 million last year. Net sales rose 7% to $9.9 billion.
Excluding restructuring charges and other items, earnings rose 12% to 84 cents a share. On that basis, analysts polled by First Call had been expecting earnings of 83 cents a share and revenue of $10.16 billion. The company cited margin expansion for the increase in core earnings.
The company expects fourth-quarter core per-share earnings growth in the low teens. Sales are expected to be up in the mid-single digits, excluding currency. For fiscal 2003, the company said it expects to meet its goals of growing core earnings by double digits, with sales up 4% to 6%.
The shares were unchanged on the Instinet premarket session at $90 apiece.