Procter & Gamble (PG) reported fiscal first-quarter net income rose 8 percent as the world’s largest consumer products company sold more of its detergent and diapers globally and cut costs. Results were in line with analyst expectations and the company reaffirmed its 2014 forecast.
Net income for the three months ended Sept. 30 after paying preferred dividends rose to $3.03 billion, or $1.04 per share. That compares with net income of $2.81 billion, or 96 cents per share, last year. Excluding one-time items net income was $1.05 per share, matching analyst expectations. Revenue rose 2 percent to $21.2 billion from $20.74 billion. Analysts ad expected revenue of $21 billion.
P&G reiterated its 2014 guidance of earnings excluding one-time items to rise 5 percent to 7 percent, implying results of $4.25 to $4.33 per share. It expects revenue to rise 1 percent to 2 percent, which implys revenue of $85 billion to $85.85 billion. Analysts are expecting earnings of $4.29 per share on revenue of $85.71 billion.
Procter & Gamble Co. (PG) is up +18.74% year-to-date.