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updated: 1/24/2014 8:11 AM

Procter & Gamble 2Q profit falls, tops estimates

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  • Dawn, a Procter & Gamble product, at a Target in Durham, N.C. The company says its second-quarter net income fell 16 percent as the world's largest consumer products maker faced tough comparisons from a year ago, the stronger dollar and flat sales globally.

      Dawn, a Procter & Gamble product, at a Target in Durham, N.C. The company says its second-quarter net income fell 16 percent as the world's largest consumer products maker faced tough comparisons from a year ago, the stronger dollar and flat sales globally.
    Associated Press

 

Associated Press

Procter & Gamble says its second-quarter net income fell 16 percent as the world's largest consumer products maker faced tough comparisons from a year ago, the stronger dollar and flat sales globally.

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But its adjusted earnings still beat expectations.

The maker of Tide detergent and Gillette razors says net income for the three months ended Dec. 31 fell to $3.43 billion, or $1.18 per share. That's down from $4.06 billion, or $1.39 per share, last year. In the year ago period the company had a 21 cent per share gain related to buying out its joint venture in Iberia.

Excluding restructuring costs in the latest period, earnings were $1.21 per share, a penny above analysts' expectations.

Revenue was flat at $22.28 billion, short of the $22.34 billion in revenue analysts expected.

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