Reply #73: P&G profit rises (on "lower-than-anctipated tax rate") but stock falters [View All]

[Roland99]

http://www.marketwatch.com/story/procter-gamble-quarterly-profit-falls-28-2011-01-27

Procter & Gamble Co. topped Wall Street’s quarterly profit view and stuck by its fiscal year financial targets Thursday as it gained global market share, but a heftier commodities bill, sluggish U.S. growth and its tax rate weighed on the shares.

P&G, which sells everything from Tide detergent to Olay skin-care products, said its commodities bill will cost $1 billion for the fiscal year that ends in June, more than double what it had expected.

P&G’s sales also came in a tad light and at the low end of its own target. Its shares slipped 3% to $64.32, making it a top decliner among the 30 stocks on the Dow Jones Industrial Average.

For the quarter ended Dec. 31, P&G said it earned $1.13 a share from continuing operations that excludes certain items. Analysts polled by FactSet Research had expected $1.10 a share. They said the profit beat was helped by a lower-than-anticipated tax rate of 18%. ]/div]