Consumer products maker The Procter & Gamble Company (
) on Thursday posted a small decline in fiscal first quarter
profits despite higher revenue, as results were in-line with
The Cincinnati-based company reported fiscal first quarter net
income of $3.024 billion, or $1.03 per share, compared with $3.081
billion, or $1.02 per share, in the year-ago period.
Net sales rose 9% from last year to $21.92 billion.
On average, Wall Street analysts expected a matching profit of
$1.03 per share, on lower revenue of $21.55 billion.
Looking ahead, P&G predicted earnings of $1.05 to $1.11 for
its fiscal second quarter, which would miss analyst estimates of
$1.16 per share.
For the full year, the company backed its prior forecast for
profits of $4.17 to $4.33 per share, while analysts expect $4.21
per share for the year.
Procter & Gamble shares posted modest gains in premarket
The Bottom Line
Shares of Procter & Gamble (
) have a 3.23% dividend yield, based on last night's closing stock
price of $64.95. The stock has technical support the $60-$62 price
area. If the shares can firm up, we see overhead resistance around
the $67-$68 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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