Boston, MA 10/30/2013 (wallstreetpr) – Procter & Gamble Company (NYSE:PG) posted Q1.14 profit that was in-line with the Wall Street expectations. It has also maintained hold of its annual forecasts. The world’s largest maker of household goods dropped quarterly forecasts and instead concentrates on the annual guidance.
Shares of Procter rose 1.43% to $82.46 on Tuesday from the previous close. The maker of Tide and Pampers which supplies more than 180 countries and territories stands at $224.15 billion in market cap. After a period of not-so-good performance, the company appeared set to reinvigorate itself in post Bob McDonald era under the new CEO A.G Lafley who took over in May. The company looks at F2014 as a transition year after the stepping stone year which ended June’13. The new CEO has split the world’s giant household maker into four business segments in efforts to enhance its efficiency. Following the better-than-expected profit for Q1, Procter expects to see per share earnings growth in the range of 5% and 7% for the current fiscal year, restructuring charges excluded. The households maker also expects its organic sales to trip up in the range of 3% to 4% in F2014.
Procter earned $3.03 billion, translating to $1.04 per share for Q1.14 ending September 30. In a year ago quarter, the Pamper maker earned $2.81 billion, representing $0.96 per share. The company’s adjusted per share earning for the quarter was $1.05, being in-line with Thomson Reuters’ expectations. The sale for the quarter rose 2.2% to come in at $21.21 billion, on top of $21.04 billion that Wall Street expected. Procter’s organic sales showed even growth across all the categories save for the healthcare which reported flat. The general growth in organic sales was 4%. The notable category disappointment came from the beauty business which resulted 1% up, against 3% up expectation. Procter is reporting is Q2 on January 20. It remains to be seen whether it will maintain its growth consistency as displayed in the already reported quarters.