Procter & Gamble ended the fiscal second quarter with profits down 16% from the previous three months on lower-than-expected sales, but core earnings beat analyst forecasts. The global giant of consumer products therefore left its forecasts for the current fiscal year unchanged.
AG CEO Lafley, who returned to the helm last year from Bob McDonald, has focused on its core businesses and beauty products, which generate nearly $20 billion in sales annually. “The results were in line with our expectations,” Lafley said.
The company posted profits of $3,43 billion ($1,18 per share) for the quarter, down from $4,06 billion ($1,39 per share) in the same period in 2012. Excluding items such as restructuring charges, earnings were $1,21 a share (consensus at 1,20), down from $1,22 a year prior.
As for turnover, it rose by 0,5%, to 22,28 billion dollars, while analysts expected a turnover of 22,23 billion. Gross margin decreased from 50,9 to 50%.
