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P&G Raises Its Earnings Estimate

December 12, 2002

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CINCINNATI (AP) _ Procter & Gamble Co. said Wednesday it expects earnings per share from its core operations to be better than expected this quarter, because of improved operating margins for the consumer products maker.

The earnings should increase in the high-single digit range, excluding costs of the company’s ongoing restructuring, management said in a statement released as the markets closed Wednesday afternoon. That projection would exceed the current consensus estimates, P&G said.

P&G’s projection is for the quarter ending Dec. 31, which is the second quarter of its July 1 to June 30 fiscal year. The results are to be released on Jan. 28.

When it announced its first-quarter earnings on Oct. 29, P&G said that it expected its core earnings per share to increase in the mid- to high-single digits range.

A year ago, P&G’s core earnings were 96 cents per share. Industry analysts surveyed by Thomson First Call have projected earnings of $1.10 for the current quarter.

Strong performance by the health care business unit and improved business in developing countries helped P&G increase the volume of products shipped, even while it was reducing overhead costs, management said.

P&G said it still expects its earnings per share from core operations to increase in the double-digit range for the full bookkeeping year which ends June 30, 2003.

P&G’s stock closed Wednesday at $87.46 on the New York Stock Exchange, down 19 cents. Its stock price has ranged between $74.08 and $94.75 during the past year.

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On the Net: http://www.pg.com

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