Lisa Bernard Kuhn reports:
Procter & Gamble posted a $3.7 billion profit in the fourth quarter, and $10.8 billion for its fiscal year, which ended June 30.
Excluding one-time gains, the company’s profit was $2.2 billion for the quarter, down 10 percent from the same period a year ago. P&G’s results of 82 cents per share beat Wall Street’s forecast of 77 cents.
The company posted sales of $20.2 billion for the quarter, down 1 percent from the $20.5 billion in sales reported in the year-ago quarter.
P&G executives are scheduled for a conference call with analysts later this morning to discuss its fourth quarter and full-year results.
“We enter fiscal 2013 with very strong developing market momentum, strengthened plans on our core developed market business, and with the benefit of a $10 billion cost savings program, which is well under way,” said chairman, president and chief executive officer Bob McDonald in a release.
“Despite a difficult macro environment, we see significant opportunities for top- and bottom-line growth.”
The company also said Friday it will repurchase $4 billion in P&G stock over the course of the fiscal year.
McDonald has been criticized by analysts who cite the growth rate of P&G’s stock price, which lags smaller rivals that moved more quickly into emerging markets.
Last month hedge fund Pershing Square, led by Bill Ackman, bought into P&G. Ackman bought a $1.8 billion stake in P&G – about 1 percent of the company – indicating he intends to take an activist role in pushing for changes to boost shareholder return.
P&G stock closed on July 11, the day before the Pershing Square purchase became public, at $61.40 – virtually unchanged from the same day five years ago. It closed on Thursday at $63.51.
On Friday, chief financial officer Jon Moeller told CNBC that P&G is interacting with Ackman as it would any other investor.
P&G’s Mason Business Center, which employs about 2,400, is home to its pet care, pharmaceuticals and personal- and oral-care businesses.