CINCINNATI – Shares in Procter & Gamble Co. slipped Wednesday after the company reported revenue for the first three months of the year that fell short of Wall Street forecasts, although its profit was better than expected.
The world's largest consumer products maker reported fiscal third-quarter net income of $2.52 billion and per-share profit of 93 cents. Earnings, adjusted for non-recurring costs, were 96 cents per share, beating the average estimate of 11 analysts surveyed by Zacks Investment Research, who expected earnings of 94 cents per share. P&G posted profit of $2.75 billion in the same quarter last year.
But the Cincinnati-based company posted revenue of $15.61 billion in the period, falling short of Street forecasts. Nine analysts surveyed by Zacks expected $15.71 billion. The company had revenue of $15.76 billion for the same quarter last year.
Organic sales — a closely watched figure strips out the effects of foreign currency swings, acquisitions and divestitures — were up 1 percent with increases in four out of the company's five business segments.
P&G maintained its guidance for organic sales growth between 2 and 3 percent for fiscal 2017, despite continued foreign currency headwinds and minor brand divestitures.
P&G shares fell 2 percent in afternoon trading to $88.16.
Elements of this story were generated in part by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PG at https://www.zacks.com/ap/PG
Keywords: Procter & Gamble, Earnings Report, Priority Earnings