Tide detergent and Gillette razors maker Procter & Gamble, which is under pressure from activist investor Nelson Peltz, reported a 13.5 percent rise in third-quarter profit, benefiting from a slew of cost cuts across the board.
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Net income attributable to the company rose to $2.22 billion, or 82 cents per share, in the three months ended June 30, from $1.95 billion, or 69 cents per share, a year earlier.
P&G, which also makes Pampers and Head & Shoulders, said net sales were flat at $16.08 billion.
Earlier this month, activist investor Nelson Peltz said he was seeking a seat on the company's board, making P&G the largest company ever to face a proxy fight. Peltz cited his frustrations with the company's lagging stock price and railing against its "suffocating bureaucracy."
(Reporting by Siddharth Cavale in Bengaluru; Editing by Martina D'Couto)