Net income at Procter & Gamble rose 14% to $3.08 billion, or 92 cents a share, compared with $2.7 million, or 79 cents, a year earlier. Revenue surged 7.5% to $20.5 billion. Excluding a tax-benefit, profit was 90 cents. Analysts had expected profit of 89 cents on revenue of $20.23 billion. P&G expects profit for the current quarter of between 95 to 97 cents; Wall Street expectations are for 97 cents. The company raised its full year outlook by 2 cents to $3.46 to $3.49 to reflect a one-time tax benefit.
"The fiscal year is off to a good start," said A.G. Lafley, Chairman of the Board and Chief Executive Officer, in the earnings release. "P&G continues to deliver broad-based top and bottom-line growth across its portfolio of businesses and geographies. This momentum, along with a robust initiative pipeline for the year, gives us confidence that P&G will deliver another strong year of growth."
Shares of P&G, which are up about 12% this year, fell in pre-market action.
Colgate-Palmolive results were similar. Profit rose 22% to $420.1 million, or 77 cents per share, as revenue jumped 12% to $3.53 billion. Excluding one-time events, profit was 86 cents, one penny better than the 85 cents expected by Wall Street. The revenue figure also beat analysts' expectations of $3.47 billion. Shares of the consumer products maker were up in pre-market trading.
"Colgate's market shares are strong and getting stronger in key markets around the world," said Chief Executive Ian King in the earnings release.
The difference between the U.S. and the rest of the world was startling. Sales and unit volume in North America, which accounts for 20% of overall sales, rose 3% and 1.5% respectively. The comparable figures for Latin America were 16% and 7.5% while Asia gained 18.5% and 9.5% and the Europe/South Pacific region reported increases of 12% and 4.5%.Profit at Avon rose 61% to $139.1 million, or 32 cents, while revenue increased 14% to $2.35 billion, beating the $2.28 billion average estimate of analysts, according to Bloomberg News. Emerging markets, which make up more than half of Avon's revenue, were particularly strong with sales in Brazil jumping more than 30% while Russia sales rose 25%.
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Reader Comments (Page 1 of 1)
10-30-2007 @ 11:47AM
Brenda said...
P&G should go OUT of business because of the horrible ways they experiment and kill animals, please visit www.pandgkills.com and www.care2.com to sign a petetion against P&G.
10-30-2007 @ 11:47AM
Brenda said...
I hope P&G go out of business because they experiment and kill thousands of animals in horrible ways, visit www.pandgkills.com and www.care2.com to sign a petetion against them.
10-30-2007 @ 6:01PM
Ed said...
You really should do your homework & not believe everything you read before making blanket statements on a subject. I worked at P&G for many years in the research & development dept & have personally seen how their work is accomplished for many of their brands. Regretfully I've disposed of all my P&G stock over the last 3 yrs. since I left the company.
I've taken the opportunity to visit many of these "self styled" web sites on animal cruelty & it's scary how off the wall & incorrect they are on how they describe many events occurring. Anyone can pick & choose or edit out pieces of articles to make a point & that's exactly what they do with whatever point they're trying to twist around for their own needs. The processes in place today are monitored very closely and are even more animal friendly then they were when I was an employee. I believe that even 3 yrs. later that if I had to pick between P&G & yourself I'd pick them as being less dangerous then you & your cohorts that constantly send out blind e-mails discrediting the work of other people when you have either limited or no real knowledge of how the work is done.