“(Reuters) – Procter & Gamble Co’s profit excluding items rose more than expected on Thursday and the world’s largest household products maker maintained a key forecast for the year, which indicated it is making progress after coming under pressure from activist investor William Ackman.
P&G is cutting costs and narrowing its focus on key markets, products and countries. The company’s goals and Chairman and Chief Executive Bob McDonald have been under intense scrutiny after Ackman bought shares this summer.
P&G earned $1.06 per share in the fiscal first quarter on a “core” basis, which excludes charges, up from $1.01 per share a year earlier. Analysts, on average, expected it to earn 96 cents per share, according to Thomson Reuters I/B/E/S.
The company had forecast a profit of 91 cents to 97 cents per share for the quarter, which ended in September.”
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