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SMALL BUSINESS
Procter & Gamble Beats Street Estimates
By DAN SEWELL
, AP
CHICAGO (Aug. 5) - Procter & Gamble Co. posted
higher quarterly profit on Tuesday as price increases and cost
controls offset soaring prices for oil and other commodities.
AP
The world's largest consumer products maker's profit was
$3.02 billion, or 92 cents a share, in the fiscal fourth
quarter ended June 30, compared with $2.27 billion, or 67 cents
a share, a year earlier.
Excluding benefits from the adjustment of tax reserves,
earnings were 80 cents a share in the quarter.
Like most consumer products makers, P&G, with brands
ranging from Pampers diapers to Olay skin-care products, has
raised prices and cut costs in order to cope with rising costs
for energy, resin and other raw materials.
P&G shares closed at $65.82 on Monday on the New York Stock
Exchange. The stock is down 10 percent this year, compared with
a 15 percent drop for the Dow Jones Industrial Average,
which includes P&G as a component.
Reporting by Brad Dorfman; Editing by Derek Caney
Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2008-08-04 09:46:55