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Procter & Gamble Co. (PG)

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Procter & Gamble beats on Q2 earnings report after shedding unprofitable brands

20 Jan 17

LONDON (ShareCast) - (ShareCast News) - Procter & Gamble, the US company behind brands such as Head and Shoulders shampoo and Gillette shaving equipment, reported better-than-expected quarterly net income and revenue on Friday.
The company also raised its growth forecast for 2017, as its shares traded 2% higher after the news.

P&G has been reorganising its more unprofitable brands as it focuses on shoring up its core businesses.

The company sold 41 brands during 2016, including Clairol and Covergirl, to Coty for $12.5bn.

Net income attributable to the company for the final quarter of 2016 rose to $7.88bn, or $2.88 per share, from $3.21bn, or $1.12 per share, in the corresponding quarter in 2015.

Analysts had expected earnings of $1.06 per share

"We delivered good results in the second quarter in a difficult operating environment," P&G chief executive David Taylor said in a press release accompanying the results. "Stronger top-line performance in the first half of the fiscal year is enabling us to increase our organic sales growth outlook for the full year."

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Market Data

Currency US Dollars
52 Week High $127.14
52 Week Low $97.70
Shares Issued 2,504.75m
Market Cap $275,523m


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