US consumer goods giant Procter & Gamble has reported a 44% rise in quarterly net earnings and said its snacks unit delivered strong growth.
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The company, whose brands include Pringles and Folgers, reported net earnings of US$1.37bn, or 50 cents per share, for the fourth quarter to 30 June, compared to $955m, or 34 cents per share, in the year-ago period when the company recorded restructuring charges of $261m after tax.
Net sales rose 19% to $12.96bn. Organic sales, which exclude the impact of acquisitions, divestitures and foreign exchange, rose 8% for the quarter.
The company said its snacks and beverages unit delivered a 40% rise in net earnings to $77m, driven by volume growth of 9% and a favourable comparison with the year-ago period, when its Pringles factory in North America suffered tornado damage. The unit’s net sales increased 10% to $855m.
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