P&G; Earnings Rise 16% as Sales Increase
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Procter & Gamble Co.’s fiscal third-quarter earnings rose 16% after the largest U.S. household products maker reduced costs and increased sales.
Net income rose to $1.04 billion, or 74 cents a share, in the quarter ended March 31, compared with $893 million, or 63 cents, a year earlier. Sales rose 4.1% to $9.9 billion. But revenue missed some forecasts as a few lines lost sales to rivals and Folgers cut coffee prices.
Excluding restructuring costs of $147 million, P&G; would have earned 84 cents a share, 1 cent above analysts’ average estimate.
Shares of Cincinnati-based Procter & Gamble rose 26 cents to $90.26 on the NYSE.
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