US: P&G Q1 earnings up on sales growth

By: just-food.com | 29 October 2008

Procter & Gamble posted a 9% rise in earnings for its first quarter due to sales growth and higher non-operating gains.

For the period to end of September, net earnings reached US$3.3bn from $3.08bn for the comparable period last year.

Net sales also made a 9% jump, reaching $22bn for the quarter driven by double-digit growth in developing regions.

P&G's snacks volume increased mid-single digits due to double-digit growth in North America behind strong base business growth of Pringles and continued growth from Pringles Extreme flavours and Stix initiatives.

"This quarter was yet another example of the strength of P&G's balanced brand and geographic portfolio," said chairman of the board and chief executive officer A.G Lafley. "We continue focusing on leading innovation and improving productivity to deliver superior consumer and shareholder value."

The company said it has widened its earnings per share outlook range to between $4.15 and $4.25, maintaining the high end of its previous outlook and said it recognises the continued volatility in commodity, energy and foreign exchange markets.

Sectors: Bakery, Snacks

Companies: Pringles