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PROCTER & GAMBLE SECOND QUARTER EARNINGS UP 13 PERCENT

 CINCINNATI, Jan. 28 /PRNewswire/ -- The Procter & Gamble Company (NYSE: PG) announced that net earnings for the October-December quarter were $590,000,000, an increase of 13 percent over net earnings of $523,000,000 for the same three months in the previous year. Earnings per share for the second quarter were $.83, up 14 percent from $.73 per share in the previous year. Net sales were $7,839,000,000, up 4 percent over net sales of $7,507,000,000 for the same quarter a year ago. Improved margins, unit volume growth and a lower effective tax rate were the major factors contributing to the growth in earnings.
 In the July-December period, net earnings excluding the $200,000,000 after-tax juice reserve established in September were $1,221,000,000, up 15 percent from $1,059,000,000 for the same six months in the previous year. Comparable earnings per share were $1.72 per share, up 15 percent from $1.49 per share a year ago. Net sales for the first six months of the fiscal year were $15,718,000,000, an increase of 7 percent over $14,712,000,000 for the same six months in the previous year.
 Commenting on the October-December results, Chairman Edwin L. Artzt stated, "This was a well-balanced quarter. International earnings were up strongly on solid volume gains. U.S. earnings were also up for the quarter as a result of an improved volume trend capped by record shipments in December."
 Millions of Dollars Except Per Share Amounts
 1992 1991 Pct Change
 Three Months Ended December 31
 Net Sales $7,839 $7,507 +4.4
 Net Earnings 590 523 +12.8
 Net Earnings Per Common Share .83 .73 +13.7
 - Assuming Full Dilution .78 .69 +13.0
 Six Months Ended December 31
 Net Sales $15,718 $14,712 +6.8
 Net Earnings 1,021 1,059 (A)
 Net Earnings Per Common Share 1.43 1.49 (A)
 - Assuming Full Dilution 1.34 1.39 (A)
 (A) -- In the July-December period, net earnings excluding the one-time $200,000,000 after-tax juice reserve established in September were up 15.3 percent over the same period a year ago and comparable net earnings per common share were up 15.4 percent. Earnings per common share assuming full dilution were up 15.8 percent over the same period last year.
 -0- 1/28/93
 /CONTACT: Linda L. Ulrey, 513-945-8210; or Sydney L. McHugh, 513-945-8035; both of The Procter & Gamble Company/
 (PG)


CO: The Procter & Gamble Company ST: Ohio IN: HOU SU: ERN

KK -- CL003 -- 0074 01/28/93 09:06 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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