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Sunday, December 4, 2016

Procter And Gamble Earnings Rise Eight Percent On Higher Sales

Procter And Gamble Earnings Rise Eight Percent On Higher Sales

New York City (AFP) – U.S. consumer goods giant Procter & Gamble reported an 8 percent rise in quarterly earnings Friday on higher sales and confirmed its financial outlook.

P&G, a component of the Dow Jone Industrial Average, said earnings for the period ending September 30 came in at $3 billion on revenues of $21.2 billion, up from the prior-year level of $2.8 billion on revenues of $20.7 billion.

Those results translated into earnings per share of $1.04, up from 96 cents a year ago.

Core earnings per share, stripping out one-time items and restructuring costs, fell one cent to $1.05, matching analyst forecasts.

Revenues slightly exceeded the $21.1 billion forecast by analysts.

P&G reported flat or higher “organic” sales in all five major business segments. Strongest earnings growth came in the beauty segment, while earnings declined the most in healthcare.

On the downside, organic sales growth in several segments was smaller than in the previous quarter. Year-over-year sales growth in the grooming segment was 4 percent in the prior quarter, while it came in at just 1 percent this time.

Organic sales exclude divestitures and other effects.

P&G chief financial officer Jon Moeller said the company’s emerging market sales grew 8 percent in the most recent quarter.

Growth in these markets is “a little bit slower” than a year ago, but “still very attractive,” Moeller said on a conference call with reporters.

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