Reuters: Global Markets: Procter & Gamble fourth-quarter core profit falls 4 percent

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Procter & Gamble fourth-quarter core profit falls 4 percent Aug 1st 2013, 11:56 Tweet Share this Email Print Related News Cigna profit exceeds expectations; low costs help 7:51am EDT J.C Penney says CIT continues to fund company's vendors 7:09am EDT Ackman's Pershing Square takes $2.2 billion stake in Air Products Wed, Jul 31 2013 CORRECTED-MetLife second quarter result falls on derivative losses Wed, Jul 31 2013 UPDATE 1-SunPower 2nd-qtr results top estimates Wed, Jul 31 2013 Related Topics Hot Stocks » Asian Markets » Tide detergent, a Procter & Gamble (P&G) product, is displayed on a shelf at a store in Tempe, Arizona October 29, 2009. Credit: Reuters/Joshua Lott Thu Aug 1, 2013 7:56am EDT (Reuters) - Procter & Gamble Co's (PG.N) quarterly profit fell less than expected and full-year's earnings should rise at least as much as last year, indicating the world's largest household products maker is making progress with Chief Executive A.G. Lafley back at the helm. Net profit dropped nearly 50 percent, the company said on Thursday, but core earnings per share, which strip out various factors and are more closely watched by Wall Street, fell 4 percent. Shares of P&G rose 1.5 percent to $81.50 in premarket trading. For fiscal 2014, which began in July, P&G forecast core earnings per share rising 5 percent to 7 percent. That includes an expected hit of 6 percentage points from foreign exchange. Those earnings rose 5 percent last year. P&G earned $1.88 billion, or 64 cents per share, in the fiscal fourth quarter, down from $3.63 billion, or $1.24 per share, a year earlier. Core earnings per share fell to 79 cents from 82 cents. That beat P&G's forecast of 69 cents to 77 cents and analysts' average estimate of 77 cents, according to Thomson Reuters I/B/E/S. Sales rose 2.2 percent to $20.66 billion, topping analysts' average target of $20.55 billion. Lafley returned on May 23 to replace Bob McDonald, giving P&G, the maker of Gillette razors and Pampers diapers, just a few weeks to make changes before the fiscal year ended on June 30. Under Lafley, P&G reorganized into four sectors: global baby, feminine and family care; global beauty; global health and grooming; and global fabric and home care. P&G hopes the changes allow faster global expansion, Lafley has said. (Reporting by Jessica Wohl in Chicago; Editing by Lisa Von Ahn and Jeffrey Benkoe) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions