Procter & Gamble tops 2Q profit expectations, misses revenue forecasts

MarketsAssociated Press

Procter & Gamble Co. (PG) on Tuesday reported fiscal second-quarter net income of $2.37 billion.

On a per-share basis, the Cincinnati-based company said it had net income of 82 cents. Earnings, adjusted to account for discontinued operations and non-recurring costs, were $1.22 per share.

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The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.

The world's largest consumer products maker posted revenue of $20.16 billion in the period, which did not meet Street forecasts. Analysts expected $20.7 billion, according to Zacks.

P&G shares have dropped almost 2 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has increased 13 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PG at http://www.zacks.com/ap/PG

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Keywords: Procter & Gamble, Earnings Report, Priority Earnings