BUSINESS BRIEFING / EARNINGS
Times Staff and Wire Reports
Second-quarter revenue at Procter & Gamble Co. fell more than analysts expected as shoppers cut spending and the dollar’s gain against other currencies hurt overseas sales.
Revenue declined 3.2% to $20.4 billion, falling short of the $20.7-billion average of analysts’ estimates compiled by Bloomberg. The Cincinnati company also lowered its full-year profit forecast to a range of $4.20 to $4.35 a share, from $4.28 to $4.38.
P&G; earned $5 billion for the quarter, compared with $3.27 billion a year earlier. Earnings per share were $1.58, in line with Wall Street expectations, and included a gain of 63 cents per share from the sale of Folgers coffee to jams and jellies maker J.M. Smucker Co.
P&G; shares fell $3.72 to $54.50.
