Procter & Gamble Quarterly Profit Almost Flat; Low-End of Guidance Raised (PG)

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Consumer goods maker The Procter & Gamble Company ( PG ) on Thursday said its first quarter profit was nearly flat from last year, as adjusted results beat analyst expectations.

The Cincinnati-based company reported first quarter net income of $2.59 billion, or 83 cents per share, compared with $2.61 billion, or 84 cent per share, in the year-ago period. Excluding one-time items, adjusted results amounted to 89 cents per share.

Net sales for the quarter were $19.18 billion.

On average, Wall Street analysts expected a smaller profit of 81 cents per share, albeit on higher revenue of $19.5 billion.

Looking ahead the company boosted the low-end of its full-year profit range by 4 cents. It now expects 2010 profit of $4.06 to $4.12 per share, while analysts predict $4.11 per share for the year.

Procter & Gamble shares fell 78 cents, or -1.2%, in premarket trading Thursday.

The Bottom Line
We have been recommending shares of PG since Sept.1, when the stock was trading at $54.11. The company has a 3.06% dividend yield, based on last night's closing stock price of $63.17.

The Procter & Gamble Company ( PG ) is a "recommended" dividend stock, holding a DARS™ Rating of 3.5 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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