CONSUMER goods group Procter & Gamble yesterday said its quarterly profit will be below Wall Street expectations and year-ago levels.
The world’s largest household products maker also posted fiscal third-quarter profit that topped estimates, despite sales that were weaker than both the company and analysts had anticipated.
Overall sales rose two per cent to $20.6bn (£13.5bn) while analysts were looking for sales of $20.73bn. The company had forecast sales growth of between three and four per cent.
On a net basis, the company earned $2.57bn in the three months to the end of March, up from $2.41bn a year earlier.
P&G has been trying to reinvigorate itself under chief executive Bob McDonald. The company has held or gained market share in more of its businesses in the latest quarters after stiffer competition from rivals like Unilever and Colgate-Palmolive.
In February 2012, McDonald unveiled a $10bn restructuring plan including thousands of job cuts after P&G acknowledged it was not nimble enough, especially in emerging markets.
Shares in the company dropped five per cent in early trading in New York yesterday.
City A.M. Reporter