Cincinnati: The Procter & Gamble Co. says its fourth quarter profit fell 18 %, as households around the globe kept tight reins on spending in the recession.
The Cincinnati-based maker of such consumer products as Pampers diapers, Tide detergent and Gillette shavers said Wednesday it earned nearly $2.5 billion, or 80 cents per share, in the three months ended June 30. That’s down from $3 billion, or 92 cents per share, a year ago.
Analysts expected 79 cents.
Revenue fell 11%, to $18.7 billion, as sales fell across the company’s broad portfolio. Analysts expected $19.4 billion.
The quarter ended A.G. Lafley’s nine-year run as CEO. Bob McDonald took over 1July, while Lafley stays as chairman.