New York: US consumer goods giant Procter & Gamble reported a 7.6 percent rise in quarterly earnings Friday on higher sales and confirmed its financial outlook.
P&G, a component of the Dow index, said earnings for the period ending September 30 came in at USD 3 billion on revenues of USD 21.2 billion, up from the prior-year level of USD 2.8 billion on revenues of USD 20.7 billion.
Those results translated into "core" earnings per share of USD 1.05, matching analyst forecasts.
"Core" earnings strip out one-time items and restructuring costs. Stripping out currency effects, core earnings were USD 1.14 per share.
Revenues slightly exceeded the USD 21.05 billion forecast by analysts.
P&G reported flat or higher "organic" sales in all five major business segments. The company reported its strongest earnings growth in the beauty segment, while earnings declined the most in healthcare.
Organic sales exclude divestitures and other effects.
P&G is expected to accelerate cost-cutting efforts in the coming quarters with the May 2013 reappointment of AG Lafley as chief executive.
P&G reiterated its fiscal year 2014 guidance of organic sales growth of 3-4 percent.
The company "expects strong earnings growth in the second half of its fiscal year behind continued top-line growth, productivity savings that will continue to build throughout the year and more favourable foreign exchange base period comparisons," it said in a statement.
First Published: Friday, October 25, 2013, 18:56