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Procter & Gamble hit by strong dollar in third quarter

Procter & Gamble's revenue weighed down by strong dollar; vows cost cuts and price hikes

Procter & Gamble hit by strong dollar in third quarter

CINCINNATI (AP) -- Procter & Gamble took a hit from the strong dollar, like almost all U.S. companies with business overseas, pushing revenue below expectations.

Because of the unfavorable currency environment, the company believes revenue for the year will slide 5 percent to 6 percent. It still expects adjusted earnings to be in line to down low single digits compared with last year.

Procter & Gamble Co., which makes everything from Tide detergent to Crest toothpaste, earned $2.15 billion, or 75 cents per share in the third quarter, compared with $2.61 billion, or 90 cents per share, last year.

Adjusted earnings were 92 cents per share, meeting expectations the of analysts.

Revenue for the Cincinnati company declined to $18.14 billion from $19.64 billion, short of the $18.42 billion Wall Street had expected.

Updated : 2021-09-26 15:27 GMT+08:00