Consumer goods maker The Procter & Gamble Company (
) 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
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
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 (
) is a "recommended" dividend stock, holding a Dividend.com 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
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