At last, some good earnings news.
Procter & Gamble (
easily beat forecasts for its fiscal first-quarter earnings
today, pushing the stock above $70 a share for the first time
since September 2008.
The company's core earnings of $1.06 per share exceeded its
own estimates of 97 cents a share. That was up five cents from
the $1.01 per share in core earnings P&G brought in a year
However, core earnings don't take into account unfavorable
foreign exchange rates weighing on the company's profits. When
adding in the financial hit P&G took due to exchange rates,
earnings were down 6.9% from a year ago and revenue declined 4%.
Net sales for the quarter also slipped 3.7%.
Fortunately for P&G, investors chose to focus on the core
earnings. That was enough to push the stock up nearly 3% - a
sizable one-day gain for a stock that, until today, had traded in
the same $58-to-$69 range for the past three years.
In an earnings season marred by
from the likes of
), Microsoft (
), McDonald's (
, Procter & Gamble's beat stands as a much-needed bright spot
- even if the earnings were technically down from a year ago.
*Disclosure: I personally own shares of Procter &