Executives at Procter & Gamble Co., Cin- cinnati, said tornado damage to a snacks plant in Jackson, Tennessee may trim fourth-quarter sales growth. The plant sustained roof and water damage when it was hit by a tornado in May, according to reports.
Although it is “too early to assess the damage to the plant,” according to a spokesperson, the damage will cause distruptions in P&G’s Pringles and Torengos snacks business. Executives added that the company has asset and business insurance in place.
However, the company “remains comfortable” with its previous outlook for fourth-quarter earnings growth of 10-12% a share, with sales growth harmed by 1% or less for the quarter, which ends in June. Analysts expect the company to post $10.75 billion in revenue, a 6% rise from the year-ago time period.