by Christopher Freeburn | April 23, 2014 9:26 am
On Wednesday, Procter & Gamble (PG) posted higher fiscal third-quarter profits, but fell short of Wall Street revenue expectations. Investors weren’t enthusiastic, sending PG stock down modestly in pre-market trading.
PG stock sank after the consumer products giant said it earned $2.61 billion, up slightly from $2.57 billion in the year ago period. Adjusted EPS came in at $1.04, which beat analysts’ forecasts of $1.01. However, PG said that net sales of $20.6 billion were flat compared to last year, falling short of the $20.68 billion that analysts had anticipated, USA TODAY notes.
During the quarter, PG’s detergent and home care products sales climbed 6%, while beauty product sales rose 2% and grooming product sales edged up 1%. Organic sales in PG’s health care business were flat.
PG reiterated prior fiscal 2014 guidance, estimated an increase in organic sales of between 3% and 4%. PG expects core earnings per share to improve between 3% and 5% during the current fiscal year.
In a statement, PG CEO A.G. Lafley noted that Procter & Gamble was “making good progress on our productivity plans, with cost savings and enrollment reductions ahead of going-in targets for the year.”
PG Stock closed at $80.61 on Tuesday.
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