Procter & Gamble Third-Quarter Results Mixed
CINCINNATI (AP) — Procter & Gamble Co.'s fiscal third-quarter net income rose 2 percent, bolstered by some lower expenses and a reduced tax rate.
Its adjusted earnings topped analysts' estimates, but revenue fell short.
The world's biggest consumer products maker also cut its 2014 adjusted earnings forecast on Wednesday.
For the three months ended March 31, the maker of Tide detergent and Gillette razors earned $2.61 billion, or 90 cents per share. That compares with $2.57 billion, or 88 cents per share, last year.
Excluding restructuring charges and other items, earnings were $1.04 per share. Analysts' forecast $1.02 per share.
Revenue totaled $20.56 billion, down slightly from last year's $20.6 billion on foreign currency fluctuations. Wall Street expected $20.68 billion.
P&G now foresees full-year adjusted earnings climbing 3 percent to 5 percent. Its prior outlook was for 5 percent to 7 percent growth.
The stock fell slightly in premarket trading.