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P&G REPORTS RECORD QUARTERLY EARNINGS

 CINCINNATI, Oct. 26 /PRNewswire/ -- The Procter & Gamble Company (NYSE: PG) today announced record earnings and unit volume for the first quarter of its fiscal year.
 Net earnings for July-September, 1993 were $670,000,000, up 10 percent from $610,000,000 for the same quarter last year excluding the prior years' effect of accounting changes and a restructuring provision for divestiture of the 100 percent juice business. Earnings per share were $.95, up 10 percent from $.86 per share excluding unusual charges a year ago.
 Major factors contributing to the increase in earnings were strong unit volume growth in the U.S. and international, lower costs that more than offset the impact of lower pricing, and lower interest costs. Unit volume was up 6 percent, excluding discontinued pulp and juice operations. Less favorable foreign exchange rates significantly held back the growth in earnings. On a constant exchange rate basis, net earnings would have been up 17 percent from comparable earnings in the same quarter last year.
 Worldwide net sales for July-September were $7,564,000,000, a decrease of 4 percent from net sales of $7,879,000,000 for the same three months a year ago. The sales decline reflects adverse foreign exchange rates and divestitures, primarily the pulp business. Excluding these effects, sales would have been up 5 percent.
 Commenting on these results, Chairman and Chief Executive, Edwin L. Artzt stated that "despite challenging market conditions in many parts of the world, the quarter produced broadly based volume growth by sector and geography, with good balance between established and new brands. Efforts to improve value for consumers are receiving good response, and several new brand initiatives have been productive. These include the global expansion of hair care and feminine protection products and the U.S. expansion of Olay Beauty Bar."
 QUARTERLY FINANCIAL SUMMARY
 (Millions of Dollars Except Per Share Amounts)
 July-September
 1993 1992 Percent Change
 On-Going Basis
 - (Excluding Unusual Items)
 Net Sales $ 7,564 $ 7,879 (4.0)
 Net Earnings 670 610 9.8
 Net Earnings Per Share .95 .86 10.4
 - Assuming Full Dilution .89 .80 11.3
 Unusual Items: Impact of 100
 Percent Juice Divestiture ($200)
 & Prior Years' Effects of
 Accounting Changes ($925)
 Net Sales $ -- $ --
 Net Loss -- (1,125)
 Net Loss Per Share -- (1.65)
 - Assuming Full Dilution -- (1.51)
 As Published - Including Impact of
 100 Percent Juice Divestiture
 & Prior Years' Effects of
 Accounting Changes(A)
 Net Sales $ 7,564 $ 7,879 (4.0)
 Net Earnings/(Loss) 670 (515)(A) N.M.
 Net Earnings/(Loss) Per Share .95 (.79)(A) N.M.
 - Assuming Full Dilution .89 (.71)(A) N.M.
 Average Shares Outstanding 682.0 679.1
 N.M = Not Meaningful
 (A) -- As published in the 1992-93 Annual Report which included a restatement of the July-September, 1992 earnings as originally published. Restatement included the effect of retroactively adopting two new accounting standards for post retirement health care and insurance benefits, and income taxes.
 -0- 10/26/93
 /CONTACT: L. L. Ulrey, 513-945-8210, or S. M. Hale, 513-945-8019, both of Procter & Gamble/
 (PG)


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

BM -- CL010 -- 6728 10/26/93 08:51 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
Words:526
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