Procter & Gamble’s
fiscal first-quarter results beat Wall Street’s view as it controlled expenses and saw solid sales growth in its health care segment. Results are the first since P&G closed its $11 billion deal with Coty. P&G has been working on transforming its business to better focus on bigger brands with growth potential. The sale of many of its beauty brands to Coty was the biggest move to shed some of the smaller brands that collectively contribute little to its operating profit. Revenue was basically flat at $16.52 billion. Analysts polled by Zacks expected revenue of $16.45 billion.
Chairman, president and CEO David Taylor said in a statement that the company is “now focusing all our efforts on 10 large, structurally attractive categories where P&G holds leading positions.”
P&G, the world’s largest consumer products maker, earned $2.71 billion, or 96 cents a share, for the period ended Sept. 30. A year ago the Cincinnati-based company earned $2.6 billion.