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Reuters
Published
Aug 5, 2009
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Procter & Gamble profit falls

By
Reuters
Published
Aug 5, 2009

CHICAGO (Reuters) - Procter & Gamble Co posted an 18 percent drop in quarterly profit, as sales fell across all of its businesses, but stood by its profit forecast as the pressure of foreign currency fluctuations eases.


Photo: REUTERS/Molly Riley

Despite beating Wall Street's expectations, P&G's shares fell nearly 2 percent on Wednesday 5 August in premarket trading.

P&G earned $2.47 billion, or 80 cents per share, in its fiscal fourth quarter, down from $3.02 billion, or 92 cents per share, a year earlier. Analysts, on average, expected P&G to earn 78 cents per share, according to Reuters Estimates.

Sales fell 11 percent to $18.7 billion and volume fell 5 percent, including a 1 percent hit from divestitures.

The company still forecast earnings of $3.65 to $3.80 per share from continuing operations this year. It now expects to feel less of a hit from currency fluctuations on its sales.

(Reporting by Jessica Wohl, editing by Maureen Bavdek)

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