Procter & Gamble beats by $0.03, reports revs in-line; reaffirms guidance (81.25)
Reports Q3 (Mar) earnings of $1.04 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.01; revenues fell 0.2% year/year to $20.56 bln vs the $20.69 bln consensus. The Company continues to expect organic sales growth of three percent to four percent. All-in sales growth is expected to be ~one percent, including a negative foreign exchange impact of two to three percent. Co reaffirms guidance for FY14, sees EPS of +3-5% to ~$4.17-4.25, excluding non-recurring items, vs. $4.21 Capital IQ Consensus Estimate; sees FY14 revs of +1% to ~$85.01 bln vs. $85.02 bln Capital IQ Consensus Estimate. Core earnings per share are expected to grow three percent to five percent for the fiscal year, and reported earnings per share are expected to grow in the range of one percent to four percent. Organic sales grew three percent. Organic sales were at or above year ago levels in each reporting segment. Volume grew three percent. Pricing increased sales by one percent with higher pricing in each reporting segment, and unfavorable geographic and product mix decreased sales by one percent. Co lowered FY14 guidance on Feb 11.