P&G; Profit Up on Clairol, Other Sales

Procter & Gamble Co. posted a quarterly profit topping analysts’ estimates on strong sales of beauty, fabric care and other products. But some investors were expecting stronger revenue growth and the stock fell.

The maker of Tide laundry detergent also reached management’s long-term annual growth target a year ahead of schedule.

Those targets of 4% to 6% sales growth and double-digit earnings growth were hit despite a sluggish economy and a consumer products sector that has seen more promotion and price cutting.

The company posted net income of $910 million, or 64 cents a share, contrasted with a loss of $320 million, or 23 cents a share, in the year-earlier period, a loss that included a $1.16-billion restructuring charge. Sales rose 6% to $10.17 billion.

P&G; said that earnings before restructuring items were $1.09 billion, or 77 cents a share, compared with a profit of $891 million, or 63 cents, in the year-earlier period. Analysts had forecast earnings of 75 cents.

P&G; shares fell $2.40 to $87.44 on the NYSE.