Procter & Gamble Co. the Cincinnati consumer-products maker, on Wednesday cut its estimate of fourth-quarter profit and sales and outlined initial estimates for fiscal 2013
Citing weaker-than-expected growth in developed markets, P&G now expects that for the quarter ending in June, it will earn $1.17 to $1.26 a share, or an adjusted 75 cents to 79 cents a share. The difference is a gain on the sale of the company's snacks business
A survey of analysts by FactSet Research produced a consensus estimate of a profit of 82 cents a share
P&G previously had estimated the quarter's adjusted profit at 79 cents to 85 cents a share
Net sales should come in 1% to 2% lower, compared with its previous estimate of up 1% to 2%, P&G said
Foreign-exchange fluctuations knocked 4% off net sales in the quarter, P&G reported
For fiscal 2013, the company pegged adjusted profit in a range of flat to a mid-single-digits percentage gain over the fiscal 2012 figure.
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