Shares of consumer products maker Procter & Gamble (PG) have lost ground before the opening bell on Friday, weighed down by an earnings report released in the early morning that contained lowered full-year guidance.
The stock is trading at $56.25, down from Thursday's close of $58.22. The retreat is reversing gains posted over the previous few days. The stock bounced off support earlier this week after approaching its 52-week low of $54.92.
The company reported second-quarter net income of $5 billion or $1.58 per share. This compared to $3.27 billion or $0.98 per share in the year-ago quarter.
Net earnings from continuing operations were $2.96 billion or $0.94 per share, down from $3.19 billion or $0.96 per share in the prior year quarter.
The latest quarter earnings per share include a $0.63 gain from the Folgers transaction completed during the quarter.
Net sales slipped 3% to $20.37 billion from $21.04 billion in the same quarter a year ago. The top-line result was hurt by tunfavorable foreign exchange and lower volume.
Looking ahead to the third quarter, the company projects earnings in the range of $0.78 - $0.86 per share, including incremental Folgers-related restructuring charges.
For fiscal 2009, Procter & Gamble lowered its earnings guidance to $4.20 - $4.35 per share from prior outlook of $4.28 - $4.38 per share.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.