Procter & Gamble 2Q profit falls, tops estimates

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Associated Press

Posted on January 24, 2014 at 8:00 AM

Updated Friday, Jan 24 at 10:01 AM

CINCINNATI (AP) — Procter & Gamble says its second-quarter net income fell 16 percent as the world's largest consumer products maker faced tough comparisons from a year ago, the stronger dollar and flat sales globally.

But its adjusted earnings still beat expectations.

The maker of Tide detergent and Gillette razors says net income for the three months ended Dec. 31 fell to $3.43 billion, or $1.18 per share. That's down from $4.06 billion, or $1.39 per share, last year. In the year ago period the company had a 21 cent per share gain related to buying out its joint venture in Iberia.

Excluding restructuring costs in the latest period, earnings were $1.21 per share, a penny above analysts' expectations.

Revenue was flat at $22.28 billion, short of the $22.34 billion in revenue analysts expected.

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