Consumer products maker The Procter & Gamble Company (
) on Friday posted better-than-expected adjusted first quarter
earnings but lowered its full-year outlook, sending its shares
lower in premarket trading.
The Cincinnati-based company reported first quarter net income
of $2.41 billion, or 82 cents per share, compared with $2.87
billion, or 96 cents per share, in the year-ago period. Excluding
special items adjusted profit was 94 cents per share.
Revenue rose 2% from last year to $20.19 billion.
On average, Wall Street analysts expected a smaller profit of 93
cents per share, albeit on higher revenue of $20.35 billion.
Looking ahead, PG said it now expects full-year 2012 earnings to
range from $3.82 to $3.88 per share, down from a prior outlook of
$3.93 to $4.03. Analysts currently expect $3.99 per share for the
Procter & Gamble fell $1.48, or -2.1%, in premarket trading
The Bottom Line
Shares of Procter & Gamble (
) have a 3.36% dividend yield, based on last night's closing stock
price of $66.87. The stock has technical support in the $62-$64
price area. If the shares can firm up, we see overhead resistance
around the $68-$70 price levels.
The Procter & Gamble Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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