P&G posts 1Q profit, results miss Wall Street estimates

MarketsAssociated Press

Procter & Gamble Co. (PG) on Friday reported net income of $1.99 billion in its fiscal first quarter.

On a per-share basis, the Cincinnati-based company said it had profit of 69 cents. Earnings, adjusted for one-time gains and costs, were $1.07 per share.

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The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The world's largest consumer products maker posted revenue of $20.79 billion in the period, which also did not meet Street forecasts. Analysts expected $20.87 billion, according to Zacks.

P&G shares have increased 2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 5.5 percent. The stock has climbed almost 3 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. PG stock research report from Zacks.

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Keywords:P&G,Earnings Report,Priority Earnings