Procter & Gamble Q1 Profit Falls 16%; Adj Net Beats View; Forecast Cut (PG)


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Consumer products maker The Procter & Gamble Company ( PG ) 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 year.

Procter & Gamble fell $1.48, or -2.1%, in premarket trading Friday.

The Bottom Line
Shares of Procter & Gamble ( PG ) 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 ( PG ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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