09.05.02
The Procter & Gamble Company raised its sales and earnings per share growth guidance for the September 2002 quarter behind strong volume performance. Volume is expected to grow double digits behind the Clairol acquisition, strong performance by the health care business unit, and continued strength in developing markets. Excluding the impact of acquisitions and divestitures, volume growth is forecasted to be in the high single digit range.
Sales, excluding foreign exchange, are expected to finish the quarter with growth in the high single digit percent range. At current rates, foreign exchange will have a slightly positive impact on the top line. Core earnings per share, which excludes restructuring charges, are expected to grow in the mid teens range.
Operating margins for the quarter are anticipated to be higher versus the comparative quarter year-ago. However, gross margin improvements are expected to be largely offset by increased marketing, research, administration and other spending.
The company's guidance for fiscal 2003 remains unchanged from that provided previously. Core earnings per share are expected to grow at the company's long-term growth target of double digits. Sales, excluding foreign exchange impacts, are expected to grow four to six percent. Foreign exchange effects are expected to have minimal impact on the top line over the year.
Sales, excluding foreign exchange, are expected to finish the quarter with growth in the high single digit percent range. At current rates, foreign exchange will have a slightly positive impact on the top line. Core earnings per share, which excludes restructuring charges, are expected to grow in the mid teens range.
Operating margins for the quarter are anticipated to be higher versus the comparative quarter year-ago. However, gross margin improvements are expected to be largely offset by increased marketing, research, administration and other spending.
The company's guidance for fiscal 2003 remains unchanged from that provided previously. Core earnings per share are expected to grow at the company's long-term growth target of double digits. Sales, excluding foreign exchange impacts, are expected to grow four to six percent. Foreign exchange effects are expected to have minimal impact on the top line over the year.