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October 30, 2002
By: TOM BRANNA
Editor
The Procter & Gamble Co., Cincinnati, OH, reported its first quarter earnings increased 33%, beating Wall Street’s expectations on improved performance from its health care, beauty care, and fabric and home care businesses. The consumer products giant earned $1.46 billion, or $1.04 a share, in the quarter ended Sept. 30, up from $1.10 billion, or $.79 per share, a year ago.Excluding a $113 million after-tax expense for a corporate restructuring to reduce the work force and product lines, the company made $1.12 per share in the latest quarter. That beat the consensus forecast of $1.10 a share by analysts surveyed by Thomson First Call.Sales rose to $10.8 billion, up 11% from $9.8 billion in the same quarter of 2001. The increased business in the health care, beauty care, and fabric and home care units accounted for the increase, the company said.P&G’s volume of products shipped increased 10% during the latest quarter, excluding businesses bought or sold during the past year.
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