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P&G tops forecasts

P&G Procter & GambleProcter & Gamble’s quarterly profit has topped Wall Street expectations as the company worked on slashing costs and pruning its product lineup to offset slower growth.

The maker of Tide detergent, Charmin toilet paper and Pantene shampoo said on its sales declined for its fiscal fourth quarter, hurt by unfavourable currency exchange rates.

But when excluding such factors, the world’s biggest consumer products maker said organic sales rose two per cent, boosted by higher volume.

Procter & Gamble said its earnings were affected by its stepped up investments in marketing, and divestitures of some smaller brands.

Organic volume rose in all segments, including beauty, health care and grooming, it said.

For the three months ended June 30, total revenue was $US16.1 billion in the period, exceeding the $US15.84 billion analysts expected. The company also earned $US1.95 billion ($A2.59 billion), or 69 US cents per share.

When excluding one-time items and discontinued brands, it said it earned 79 US cents per share. That was more than the 74 US cents per share Wall Street expected, according to Zacks Investment Research.

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