USA: P&G meets first quarter expectations
The Procter & Gamble Company reported net earnings of $1.16 billion or $0.82 per share for the quarter ended September 30, 2000. Results include an $85 million after-tax charge related to the Organization 2005 restructuring program. Core net earnings, which exclude the Organization 2005 charges, were $1.24 billion for the quarter. Core net earnings per share were equal to the prior year at $0.88. Sales grew one percent, consistent with unit volume, reaching $9.97 billion. Excluding currency effects, primarily from the euro, sales grew four percent.Earnings results were influenced by significant commodity-related cost increases and negative exchange impacts, which more than offset the benefits of pricing and a focus on growth of premium-priced products."We've delivered on expectations this quarter and are focused on continuing to improve our results and meeting expectations as the year unfolds," said P&G Chief Executive, A.G. Lafley. "We have a clear game plan to do this: lead innovation, build big brands and leverage global scale to create leadership market shares and total shareholder return."
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