P&G Lifts Second
l Consumer products company Procter &
Gamble Co. raised its profit expectations for its fiscal second quarter, saying it sees earnings coming in at the higher end of its previous outlook because of better sales and lower-than-anticipated costs for its acquisition of Gillette Co.
The maker of Pampers and Pantene said it now expects earnings of 68 cents to 69 cents per share for the quarter ending in December. The outlook is toward the top end of P&G’s previously forecast for a profit of 66 cents to 69 cents per share.
Procter & Gamble traced the change to lower-than-expected costs in the quarter from its October acquisition of Gillette, which it now believes will cut second-quarter earnings by eight cents to 10 cents per share. The company previously expected dilution of nine cents to 12 cents per share from the deal.