P&G Boosts Earnings Forecast
Jun. 12, 2002
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CINCINNATI (AP) _ Procter & Gamble Co. said on Wednesday that its earnings for the current quarter will be better than expected, helped by stronger sales from its Clairol business and beauty care, health care, fabric and home care units.
The manufacturer of Tide detergent, Pampers diapers and Crest toothpaste said it expects per-share earnings, excluding corporate restructuring charges, to be 17 percent to 19 percent higher for the three months ending this month compared to a year ago.
P&G had said in April that it expected its fiscal fourth-quarter earnings per share growth in the low teens.
Analysts surveyed by Thomson Financial/First Call had been expecting P&G to earn 72 cents this quarter versus 63 cents a year ago. An increase of 17 percent would boost earnings to 74 cents a share.
The company will report earnings for the quarter and fiscal year on Aug. 5.
The company also said the strengthening of the yen and euro against the dollar will help.
P&G shares rose 3.5 percent, or $3.11 a share, to $92.11 in afternoon trading on the New York Stock Exchange.
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