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MarketScreener Homepage  >  Equities  >  Nyse  >  The Procter & Gamble Company    PG

THE PROCTER & GAMBLE COMPANY

(PG)
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134.025 USD   +0.32%
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Procter & Gamble sticks by forecasts; profit meets expectations

10/25/2013 | 11:32am EST
Tide detergent, a Procter & Gamble product, is displayed on a shelf in a store in Alexandria

(Reuters) - Procter & Gamble Co (>> The Procter & Gamble Company) is chugging along with its turnaround, posting a quarterly profit that met Wall Street's expectations and holding to its annual forecasts as the world's largest household products maker gets a lift from cost cuts and a lower tax rate.

(Reuters) - Procter & Gamble Co (>> The Procter & Gamble Company) is chugging along with its turnaround, posting a quarterly profit that met Wall Street's expectations and holding to its annual forecasts as the world's largest household products maker gets a lift from cost cuts and a lower tax rate.

Shares of P&G fell nearly 1 percent to $79.93 in morning trading on Friday.

The maker of Pampers diapers and Tide detergent is trying to reinvigorate itself under Chief Executive Officer A.G. Lafley, who returned in late May to replace Bob McDonald.

Lafley, who did not speak on the company's conference call on Friday, has previously said the current fiscal 2014 would be a "transition" year, after the "stepping stone" year that ended in June. He has already split P&G into four businesses, hoping the new structure will boost efficiency.

"We continue to think the appointment of Lafley is more temporary in nature, until a permanent successor can be named," said Morningstar analyst Erin Lash. She said she was "a bit perplexed" by P&G's decision to have Lafley participate only on certain calls and at major industry conferences as the company works to "instil confidence and reignite its momentum."

P&G said it still expected 5 percent to 7 percent growth in earnings per share this fiscal year, excluding restructuring charges. The company abandoned quarterly forecasts earlier this year.

It still expects organic sales, which strip out the impact of currency changes, acquisitions and divestitures, to rise 3 percent to 4 percent this fiscal year.

Regarding Lafley's absence from the call, a P&G spokesman Paul Fox said: "This change reflects our focus on annual results and trends rather than quarterly results and is consistent with our recent move to fiscal guidance."

SHAMPOO SHOWDOWN

P&G held or increased market share in businesses that represent about two-thirds of its sales during the quarter, Chief Financial Officer Jon Moeller said. While he said he was "reasonably happy" with the results, he added: "We simply have to execute better, more consistently and more reliably."

P&G competes against a variety of companies, including Unilever Plc (>> Unilever plc) (>> UNILEVER). On Thursday, Unilever's results suggested that its North American market share in the high-margin personal care business suffered because of promotions that P&G ran on its hair care products such as Pantene shampoo.

However, Moeller refuted such assertions, saying that P&G's hair care product promotions were down from a year earlier. The company's market share in the category was flat.

Colgate-Palmolive Co (>> Colgate-Palmolive Company) also discussed a more promotional U.S. market when it released its results on Thursday.

"We see a different reality," Moeller told reporters. "Promotion is important, and we will be competitive in our promotional activities, but it is not an area where we seek to lead."

In North America overall, P&G's share of the volume of goods that were sold on promotions was down 7 percent from a year earlier, Moeller said.

P&G said it had earned $3.03 billion, or $1.04 per share, in the first quarter ended on September 30, up from $2.81 billion, or 96 cents per share, a year earlier.

Core earnings per share, which exclude restructuring charges, fell 1 percent to $1.05 and met analysts' expectations, according to Thomson Reuters I/B/E/S.

Sales rose 2.2 percent to $21.21 billion, topping Wall Street's forecast of $21.04 billion.

Organic sales rose 4 percent. Such sales were up in every category except healthcare, where they were flat, due in part to a pet food recall.

The beauty business was a disappointment, with organic sales growth of just 1 percent, analysts said. P&G blamed the sluggish growth on factors such as a decrease in skin care product sales.

JPMorgan analyst John Faucher said he had expected 3 percent organic sales growth in the beauty division.

(Reporting by Jessica Wohl in Chicago; Editing by Lisa Von Ahn)

By Jessica Wohl


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
COLGATE-PALMOLIVE COMPANY -1.26% 80.85 Delayed Quote.-5.45%
MCDONALD'S CORPORATION -0.39% 209.09 Delayed Quote.-2.56%
RISE, INC. 0.00% 23 End-of-day quote.-4.17%
SEEK LIMITED 0.40% 27.8 End-of-day quote.-2.56%
THE LEAD CO., INC. 3.63% 856 End-of-day quote.1.90%
THE PROCTER & GAMBLE COMPANY -0.88% 133.6 Delayed Quote.-3.98%
UNILEVER PLC -0.84% 4344 Delayed Quote.-0.25%
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Financials (USD)
Sales 2021 74 765 M - -
Net income 2021 14 292 M - -
Net Debt 2021 18 637 M - -
P/E ratio 2021 24,2x
Yield 2021 2,39%
Capitalization 331 B 331 B -
EV / Sales 2021 4,68x
EV / Sales 2022 4,51x
Nbr of Employees 99 000
Free-Float 61,5%
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Technical analysis trends THE PROCTER & GAMBLE COMPANY
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 151,70 $
Last Close Price 133,60 $
Spread / Highest target 25,7%
Spread / Average Target 13,5%
Spread / Lowest Target -15,4%
EPS Revisions
Managers and Directors
NameTitle
David S. Taylor Chairman, President & Chief Executive Officer
Jon R. Moeller Vice Chairman, Chief Operating & Financial Officer
Kathleen B. Fish Chief Research, Development & Innovation Officer
Vittorio Cretella Chief Information Officer
W. James McNerney Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
THE PROCTER & GAMBLE COMPANY-3.98%331 275
UNILEVER PLC-0.25%156 494
THE ESTÉE LAUDER COMPANIES INC.-6.41%89 837
HINDUSTAN UNILEVER LIMITED-1.23%75 875
COLGATE-PALMOLIVE COMPANY-5.45%69 302
RECKITT BENCKISER GROUP PLC-4.86%60 401