Procter & Gamble Co. (PG: Quote) posted higher fourth-quarter net earnings attributable to the company of $3.63 billion, versus last year's $2.51 billion, with earnings per share rising to $1.24, from $0.84 a year earlier. However, core earnings per share were $0.82, consistent with the earlier year period. The company said the benefits from cost savings and pricing were offset by the decrease in net sales and higher commodity costs.
On average, 23 analysts polled by Thomson Reuters expected earnings per share of $0.77 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales were $20.21 billion, a slight decrease from $20.45 billion in the prior-year period. Foreign exchange reduced net sales by four percent. Analysts estimated revenues of $20.26 billion for the quarter. The company increased organic sales for the April-June quarter by three percent, driven by price increases, partially offset by geographic mix.
For fiscal 2013, net sales are now expected to be in line to down two percent versus the prior year, including a negative four percent impact from foreign exchange. Organic sales now are expected to increase two to four percent. Pricing is expected to add two percent to sales, while unfavorable product and geographic mix is expected to reduce sales by one percent.
Full-year net earnings per share are expected to be in the range of $3.61 - $3.85. Core earnings per share is now expected to range between $3.80 and $4.00, consistent with the company's preliminary forecast. Analysts project full-year earnings of $3.81 per share.
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by RTT Staff Writer
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