P&G Says It Will Beat Target

Procter & Gamble said after the market closed Tuesday that it expects to beat Wall Street’s per-share profit expectations by as much as 3 cents for its second quarter, which ends December 31.

“Despite significant economic uncertainties that continue to exist in the global market place, we are seeing satisfactory volume progress in all regions, with health care and beauty care delivering particularly strong growth,” said P&G chief executive A.G. Lafley.

Analysts at Thomson Financial/First Call reached a consensus of $1 a share earnings for the quarter. Shares of the consumer products giant ended the session flat at $76.70.

Mr. Lafley continued, “P&G’s ongoing focus on core categories, big brands, big countries and big customers, combined with a relentless drive for cost and cash efficiencies, are generating clear improvements in our bottom line results. In addition, we have a strong initiative program in the second half of the fiscal year, which should accelerate top line growth.”

P&G reiterated a number of major initiatives for the January to June 2002 period such as Crest Spinbrush with replaceable heads and ThermaCare, an over-the-counter therapeutic heat wrap for pain relief in muscles and joints.