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News > Companies
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P&G tops 1Q profit target
graphic October 30, 2001: 9:45 a.m. ET

Consumer products maker sees 2Q, full-year EPS gains in line with forecasts.
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  • Smucker buying Jif, Crisco - Oct. 10, 2001
  • Coke, P&G cancel joint marketing venture - Sept. 26, 2001
  • P&G settles with Unilever - Sept. 6, 2001
  • P&G tops 4Q earnings estimates - Aug. 7, 2001
  • P&G sets $5B deal for Clairol - May 21, 2001
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  • Procter & Gamble
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    NEW YORK (CNNmoney) - Procter & Gamble Co. posted higher operating profits for the latest quarter Tuesday, topping Wall Street forecasts, and said it is on target to hit full-year profit targets.

    The maker of Tide detergent, Crest toothpaste, Ivory soap and Pampers diapers said it earned $1.34 billion, or 96 cents a share, excluding special items in its fiscal first quarter, ended Sept. 30. Analysts surveyed by earnings tracker First Call expected 94 cents a share, up from $1.29 billion, or 92 cents a share, a year earlier.

    Including special charges such as restructuring costs, the company said net income fell 4 percent to $1.1 billion, or 79 cents a share, from $1.16 billion, or 82 cents a share, a year earlier.

    Sales fell 2 percent to $9.77 billion from about $9.97 billion and came in just below First Call forecasts of $9.8 billion. The company said sales would have been flat without the change in currency exchange rates. Sales declined in most of its business units, with only health-care products seeing a 19 percent revenue gain.

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    Cincinnati-based P&G (PG: up $1.70 to $73.00, Research, Estimates) said it is looking for a low to mid-single digit percentage gain in earnings per share in the second quarter, which is in line with the First Call EPS forecast of 97 cents compared with 93 cents a year earlier. The company also said it expects full-year EPS of $3.40 to $3.50, excluding a charge for accounting for intangible assets, which is in line with its previous guidance and is at or above the First Call forecast of $3.40.

    P&G has been trying to shed some lesser brands such as Crisco cooking oil and shortening and Jif peanut butter, both of which it has agreed to sell to J.M. Smucker Co. (SJM: Research, Estimates). At the same time is in the process of buying Clairol hair-care products from drugmaker Bristol-Myers Squibb Co. (BMY: Research, Estimates) for about $5 billion cash.

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    P&G stock rose about 1 percednt in early trading. graphic

      RELATED STORIES

    Smucker buying Jif, Crisco - Oct. 10, 2001

    Coke, P&G cancel joint marketing venture - Sept. 26, 2001

    P&G settles with Unilever - Sept. 6, 2001

    P&G tops 4Q earnings estimates - Aug. 7, 2001

    P&G sets $5B deal for Clairol - May 21, 2001

      RELATED LINKS

    Procter & Gamble





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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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