P&G Posts Higher Profit
{{#rendered}} {{/rendered}}Procter & Gamble Co. (PG) posted a higher quarterly profit Friday driven by strength in its household and beauty businesses and the addition of the Gillette businesses it acquired in October.
The company, which makes Crest toothpaste, Duracell batteries and a host of other products, earned $2.55 billion, or 72 cents per share, in the fiscal second quarter, up from $1.98 billion, or 72 cents, a year earlier. Analysts' average profit forecast was 69 cents per share, according to Reuters Estimates.
Revenue jumped 27 percent to $18.34 billion, while analysts had expected revenue of $18.22 billion.
{{#rendered}} {{/rendered}}In December, P&G said that it expected to earn 68 cents to 69 cents per share in the quarter, up from a previous forecast of 66 cents to 69 cents per share, as its beauty and household products businesses were performing well, as were its new Gillette businesses.
Shares of P&G, a component of the Dow Jones industrial average, fell 2.6 percent during the quarter, which started just as its acquisition of Gillette was completed.