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Procter & Gamble profit jumps 19 pct in its 4th-quarter, authorizes up to $30 billion (euro22 billion) stock buyback

Procter & Gamble profit jumps 19 pct in its 4th-quarter, authorizes up to $30 billion (euro22 billion) stock buyback

Consumer products maker Procter & Gamble Co. said Friday its fiscal fourth-quarter profit rose 19 percent on sales growth and improved margins.
The company behind brands like Gillette razors and Tide detergent also confirmed its earnings-per-share guidance for fiscal 2008 and said its board authorized the repurchase of $24 billion (euro17.56 billion) to $30 billion (euro21.96 billion) in stock over the next three years.
Net income for the quarter ended June 30 rose to $2.27 billion (euro1.66 billion), or 67 cents per share, from $1.9 billion, or 55 cents per share, a year earlier.
Sales rose 8 percent to $19.27 billion (euro14.1 billion) from $17.84 billion, led by double-digit increases in blades and razors, fabric and home care, and health care. Sales from businesses it has owned for more than a year rose 5 percent, while foreign exchange contributed 3 percent to sales growth.
On average, analysts surveyed by Thomson Financial forecast a quarterly profit of 66 cents per share on sales of $19.11 billion (euro13.99 billion).
Procter & Gamble, which also makes products such as Pampers diapers and Pringles chips, said its integration of the Gillette business is moving ahead of schedule.


Updated : 2021-10-26 14:43 GMT+08:00