• Procter & Gamble Co. reported fourth quarter net income far above Wall Street’s expectations. Net income jumped 74% to $3.63 billion, as revenue fell 1.2% to $20.2 billion.
“We enter fiscal 2013 with very strong developing market momentum, strengthened plans on our core developed market business, and with the benefit of a $10 billion cost savings program, which is well underway,” said chairman, president and CEO Bob McDonald. “Despite a difficult macro environment, we see significant opportunities for top- and bottom-line growth.”
For the year, net sales increased 3% to $83.7 billion. Unit volume was flat. Organic sales grew 3%. Price increases across all segments improved net sales by 4%, partially offset by unfavorable geographic and product mix, which reduced net sales by 1%. Diluted net earnings per share fell 7% to $3.66 a share.