Arab Today, arab today pg posts profits but lowers forecasts
Last Updated : GMT 12:04:57
Arab Today, arab today
Arab Today, arab today

P&G posts profits but lowers forecasts

Arab Today, arab today

Arab Today, arab today P&G posts profits but lowers forecasts

New York - AFP

US consumer products giant Procter & Gamble said Friday that profits in the April-June period jumped 15 percent, but it also gave a disappointing forecast for the current quarter.The maker of Pampers diapers, Crest toothpaste and other global brands said fourth quarter profits totaled $2.51 billion, or 84 cents a share, up from $2.185 billion in the same three months last year, slightly above expectations.Analysts had expected profits of 82 cents a share.P&G forecast that its earnings per share for the July-September period would be between $1.00-1.04 per share, citing \"commodity cost increases, which will not yet be fully offset by pricing.\"The forecast was sharply lower than the $1.14 per share predicted by analysts and comes at a time when weak US economic data has investors doubting whether companies can make their forecasts in the second half of 2011.P&G\'s shares were down 0.8 percent in pre-market trading following the release of the earnings report.The company said its revenues in the April-June period totaled $20.86 billion, up 10 percent from last year and above analysts\' consensus forecast of $20.63 billion.Excluding the impact of acquisitions, divestitures and foreign exchange, P&G said that revenues grew five percent.\"We are pleased with the strong top- and bottom-line performance in the quarter,\" P&G chairman and chief executive Bob McDonald said in a statement.\"We delivered organic sales growth of five percent and earnings per share growth of 18 percent in a challenging environment, driven by our ongoing commitment to make a difference in the everyday lives of the world\'s consumers.\"The Cincinnati, Ohio-based company has a presence in some 180 countries around the world and sells such well-known brands as Tide laundry detergent, Gillette razors, Wella hair care products and Duracell batteries.

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