Market Updates
Procter & Gamble Profit and Outlook Up
Elena
01 May, 2007
New York City
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The company posted quarterly profit of $2.51 billion, or 74 cents per share, compared with $2.21 billion, or 63 cents per share a year earlier. The company
[R]8:00AM Procter & Gamble posted higher profit and lifted full-year outlook.[/R]
Procter & Gamble Co. ((PG)) announced on Tuesday a 14% increase in Q3 profit and lifted the low-end of its full-year profit outlook. The company posted quarterly profit of $2.51 billion, or 74 cents per share, compared with $2.21 billion, or 63 cents per share a year earlier. The upbeat results were contributed to strong sales of Olay skin care products and Tide laundry detergent.
The company’s Q3 financial results came in line with its own expectations, as well as with analyst estimates. P&G said it now expects to earn $3.01 to $3.03 per share this year, compared with a prior target of $2.99 to $3.03. Shares of P&G declined 1.7% during the quarter.
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