Procter & Gamble Co. said Friday its second-quarter profit more than doubled to $4.06 billion, or $1.39 a share, from $1.69 billion, or 57 cents a share, in the year-ago period
The household product maker's adjusted, or core, earnings rose to $1.22 a share from $1.09 a share
Sales for the quarter ended Dec. 31 increased by 2% to $22.18 billion
Wall Street analysts expected Procter & Gamble to earn $1.11 a share on revenue of $21.9 billion, according to a survey by FactSet
Looking ahead, P&G raised its fiscal 2013 adjusted profit view to $3.97 to $4.07 share, from its earlier estimate of $3.80 to $4 a share
Analysts have estimated 2013 earnings of $3.97 a share
"Our second quarter results were at the high end of our expectations," the company said
The company also plans to buy back $5 billion to $6 billion in stock in 2013, up from its earlier forecast of $4 billion to $6 billion
"Global market share trends improved as we continued to implement our growth strategy and made very good progress against our productivity and cost savings goals," the company said
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By Melodie Warner
Procter & Gamble Co.'s fiscal second-quarter earnings more than doubled as most of the company's businesses grabbed more market share, helping results exceed consensus estimates.
The world's largest consumer-products company raised its fiscal 2013 core earnings estimate to between $3.97 and $4.07 a share, which reflects an increase of 3% to 6%, and now expects organic sales growth of 3% to 4%. Its June forecast was for a mid-single-digit percentage increase in core earnings per share and a 2% to 4% rise in organic sales. The company forecast current-quarter core earnings of 91 cents to 97 cents a share, while analysts surveyed by Thomson Reuters expect 95 cents for the fiscal third quarter.
P&G also increased its guidance for stock repurchases to between $5 billion and $6 billion from a prior range of $4 billion to $6 billion.
The maker of household staples--including Bounty paper towels, Pampers diapers and Tide laundry detergent--has seen its revenue decline in recent quarters as it continued to lose market share in most of its businesses. There have been signs of improvement, including in the U.S., as price cuts in its largest market have staunched losses in categories such as razor blades and laundry detergent.
P&G also has said it plans to cut its nonmanufacturing workforce by an additional 2% to 4% annually between fiscal 2014 and 2016. That comes on top of plans to reduce its nonmanufacturing jobs by 10%, or 5,700, by the end of its current fiscal year ending June 30. P&G executives have said the cost cuts are key to freeing up resources that can spur sales growth, such as advertising some of its lower-price products, like the Mach 3 version of shaving products instead of the pricier Fusion line.
P&G said it held or increased market share in businesses representing nearly 50% of sales during the latest period.
For the quarter ended Dec. 31, P&G reported a profit of $4.06 billion, or $1.39 a share, up from $1.69 million, or 57 cents, a year earlier. Excluding items such as restructuring and impairment charges, core earnings rose to $1.22 a share from $1.09.
Sales rose 2% to $22.18 billion, while organic sales increased 3%.
Analysts polled by Thomson Reuters most recently forecast earnings of $1.11 a share on revenue of $21.91 billion.
Gross margin edged up to 50.9% from 50.1%
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