Proctor & Gamble Earnings - P&G Profit Dropped 1% in First Quarter - Companies * US * News * Story

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CNBC ON DIGG

P&G Profit Dropped 1% in First Quarter

Published: Thursday, 29 Oct 2009 | 7:30 AM ET

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By: CNBC.com staff and wire

Proctor & Gamble said on Thursday profit dropped slightly in its first quarter, as consumers around the world kept tight reins on spending for such household items as laundry detergent and shavers.

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Source: pg.com
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But the world's largest consumer products company sees signs of a rebound in results that were better than expected, and a better sales outlook for the rest of the year.

"Our current quarter provides a number of signs of encouragement for investors," P&G CFO John Moeller told CNBC in a live interview after the earnings release. "Consumers have responded very well to our innovation program and other steps to reinforce value."

The maker of Tide and Pampers reported profits were off 1 percent at $3.35 billion, or 1.06 per share, compared to $3.31 billion, or $1.03 per share, a year ago.

Sales fell 6 percent to 19.8 billion.

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Analysts expected earnings of 99 cents on $19.83 billion for P&G, which is based in Cincinnati.

Shares of P&G [PG Loading... () ] rose 1.1 percent in premarket trade.

"A very encouraging start to a fiscal year, but still work to do," Moeller added. "Volume needs to and will be stronger and we will need to make some share progress in some categories, but a very encouraging start."

Moeller declined comment on a Wall Street Journal report that said the company is accelerating its search for possible acquisitions and divestitures.

The newspaper said company CEO Robert MacDonald has put heads of various brands on notice that they need to step up their performance or face sales of their divisions.

At the same time, P&G has been looking at consumer products divisions of companies including Merck [MRK Loading... () ], Alberto-Culver [ACV Loading... () ] and Wyeth, which was just acquired by Pfizer [PFE Loading... () ] for possible acquisitions, the Journal said.