PG: Procter & Gamble Stock Ticks Lower on Revenue Miss

by Christopher Freeburn | April 23, 2014 9:26 am

PG: Procter & Gamble Stock Ticks Lower on Revenue Miss

On Wednesday, Procter & Gamble (PG[1]) posted higher fiscal third-quarter profits, but fell short of Wall Street revenue expectations[2]. Investors weren’t enthusiastic, sending PG stock down modestly in pre-market trading.

ProcterAndGambleLogo PG: Procter & Gamble Stock Ticks Lower on Revenue Miss[3]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%[4], 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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Endnotes:
  1. PG: http://studio-5.financialcontent.com/investplace/quote?Symbol=PG
  2. fell short of Wall Street revenue expectations: http://www.usatoday.com/story/money/business/2014/04/23/procter-gamble-earnings/8041613/
  3. [Image]: http://investorplace.com/wp-content/uploads/2010/08/ProcterAndGambleLogo.jpg
  4. detergent and home care products sales climbed 6%: http://www.pginvestor.com/file.aspx?IID=4004124&FID=23316973
  5. HOG: Harley-Davidson Stock Revs Up on Earnings Beat: http://investorplace.com/2014/04/hog-harley-davidson-stock-revs-earnings-beat/#.U1aNm15hOf0
  6. AXP: American Express Stock Slips Despite Earnings Beat: http://investorplace.com/2014/04/axp-american-express-stock-slips-despite-earnings-beat/#.U0_qO15hOf1
  7. Check Out the Attractive Bounce in PNC Stock: http://investorplace.com/2014/04/pnc-stock-financials/#.U0_kCF5hOf0

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