P & G Profit Up 20% on Acquisition, Drug Sales

Procter & Gamble Co. said first-quarter profit increased 20% as beauty-care acquisitions and a new Prilosec heartburn drug boosted sales by the most in eight years.

Net income rose to $1.76 billion, or $1.26 a share, from $1.46 billion, or $1.04, a year earlier, the Cincinnati-based company said. Sales in the quarter ended Sept. 30 rose 13% to $12.2 billion, bolstered 3 percentage points by a weakening dollar.

Procter & Gamble shares rose 74 cents to $96.80 on the NYSE.