Lisa Bernard-Kuhn reports:
Under continued pressure to grow sales, Procter & Gamble beat analyst estimates on Thursday and delivered $2.85 billion in profits, or $1.06 per share, in its fiscal first quarter.
The performance marks a second consecutive quarter of better-than-expected financial results for the consumer products giant, which is working through a new strategy to boost sales while slashing $10 billion in costs by 2016.
The maker of Tide, Pampers and other big name brands beat Wall Street analyst consensus estimates of 96 cents per share.
Still, P&G saw sales for the quarter fall 4 percent to $20.73 billion, below analyst estimates of $20.77 billion.
“Our first quarter results put us on track to deliver our commitments for the fiscal year. Results were at the high end of expectations on the top line and ahead of plan on operating profit, earnings per share and cash,” said P&G’s CEO Bob McDonald in a prepared statement.
“We are continuing to focus on executing our growth and productivity strategy maintaining momentum in developing markets, strengthening our core developed market business, building a strong innovation pipeline, and aggressively driving cost savings and productivity improvements.”