P&G Q4 Results Beat Expectations, Shares Rise (PG)
World’s biggest consumer products maker, Procter & Gamble (NYSE: PG) reported quarterly earnings on Friday which beat Street’s expectations even as it continued to struggle with flagging sales.
Just few weeks ago, the company acknowledged the fact that its performance was not up to the expectations; and, it was focusing on ways to improve it. Nevertheless, company’s outlook on current quarterly earnings was short of analysts’ expectations, indicating that it could take several more months for its restructuring plans to yield desired results.
Following the earnings announcement, shares climbed up 2.2%.
For the fiscal fourth quarter, P&G reported that earnings stood at $3.63 billion, or $1.24 per share, against earnings of$2.51 billion, or 84 cents per share, in the corresponding period of last year.
P&G’s core earnings, or profit from continuing operations after excluding onetime expenses and other items, stood at 82 cents per share, which was same as last year’s.
However, it was better than Company’s own forecast of 75 cents to 79 cents, made in June. Economists polled by Thomson Reuters expected earnings of 77 cents for the period, after omitting onetime expenses.
For the fiscal year 2013, the Company is expecting to earn between $3.61 and $3.85 per share, with core earnings projected between $3.80 and $4.00.
Earlier in June, the company said that core earnings in 2013 will either remain flat or will come at mid single digit percentage rate, at most. In 2012, core earnings stood at $3.85 per share.
Analysts on average estimate the company to earn $3.88 per share.
For the first quarter of fiscal year 2013, P&G expects to post core earnings between91 cents and 97 cents per share even as analysts’ average forecast is $1.03.
The company also said that it is considering buyback of common shares worth $4bn in the fiscal year 2013.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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