Procter & Gamble Sales Fall Short Of Estimates

Procter & Gamble Co. shares slipped 0.4% in premarket trade Thursday, after the consumer giant matched fiscal third-quarter profit estimates, but fell short on sales. P&G said it had net income of $2.15 billion, or 75 cents a share, in the quarter, down from $2.61 billion, or 90 cents a share, in the year-earlier period. Adjusted per-share earnings came to 92 cents, matching the FactSet consensus. Sales slid 8% to $18.1 billion, weighed down by the strong dollar and brand divestitures. The sales number was below the FactSet consensus of $18.4 billion. "This quarter the productivity progress was offset by foreign exchange," Chief Executive A.G. Lafley said in a statement. "As we have done before, we'll offset foreign exchange over time through a combination of pricing, mix enhancement and cost reduction." The company said it expects full-year organic sales growth in the low single digits, and net sales growth to fall 5% to 6%. Core EPS is expected to grow in the double digits. Shares have fallen 9.5% in the year so far, while the Dow Jones Industrial Average has gained 1.2%.