P&G Earnings Beat Expectations, But Revenue Misses

Procter & Gamble Co. shares fell 0.5% in Wednesday premarket trading after it reported third-quarter sales that missed expectations. Net income was $2.52 billion, or 93 cents per share, down from $2.75 billion, or 97 cents per share, for the same period last year. Adjusted earnings were 96 cents, beating the 94-cent FactSet consensus. Sales totaled $15.61 billion, down from $15.76 billion last year, and below the $15.73 billion FactSet consensus. The consumer products company maintained its fiscal 2017 adjusted EPS guidance of $3.67. The FactSet forecast is for $3.85 per share. P&G shares are up 13.1% for the past year while the Dow Jones Industrial Average is up 16.7% for the period.