P&G earns, revenue rise, exceed expectations (PG) By Tomi Kilgore
NEW YORK (CBS.MW) -- Procter & Gamble (PG) reported fiscal fourth-quarter net earnings of $955 million, or 68 cents a share, up from $910 million, or 64 cents a share in the year-earlier period. Core earnings, which exclude non-recurring items, were $1.22 billion, or 87 cents a share, topping the average analyst estimates compiled by Reuters Research of 86 cents a share. Net sales rose 7 percent to $10.9 billion, above analyst forecasts of $10.8 billion, as favorable currency translation helped offset pricing and promotion investments. Unit volume grew 5 percent, driven by double-digit percentage growth in its healthcare business and strength in Asia and Central and Eastern Europe. Looking ahead, the consumer products company expects earnings for fiscal 2004 to grow in line with current expectations. The stock, a component of the Dow industrials, closed Wednesday up 65 cents at $87.75. |
