Procter & Gamble quarterly profit tops its view

Procter & Gamble quarterly profit tops its view

Chicago: Procter & Gamble Co posted a higher profit than it anticipated, helped by growth in developing markets and its biggest volume gain in 4-1/2 years, and it raised the low end of its fiscal-year earnings outlook.

The world’s largest household products company said profit fell to $2.59 billion, or 83 cents per share, in the third quarter that ended on 31 March from $2.61 billion, or 84 cents per share, a year earlier.

Core earnings per share, which exclude certain tax, legal and restructuring charges, rose 10% to 89 cents. On that basis, the Cincinnati-based maker of Tide detergent and Gillette razors had forecast 77 cents to 82 cents.

Sales rose 7.4% to $19.18 billion. Organic sales, which strip out currency fluctuations, acquisitions and divestitures, rose 4%, meeting the low end of the company’s 4% to 6% forecast.

The volume of goods sold rose 7%.

For fiscal 2010, P&G now expects to earn $4.06 to $4.12 per share instead of $4.02 to $4.12 per share.

It expects net sales to rise 3% to 5% this year and 6% to 7% in the current fourth quarter.