Oct 25

P&G Vows Stepped-Up Marketing, Cost Cutting

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Procter & Gamble Co. and embattled Chairman-CEO Bob McDonald got some relief today as the company easily hurdled a low bar it had set on earnings, beating its per-share forecast and sending the stock up 3.8% to above the $70 mark for the first time since early 2008.

Even so, P&G delivered a 2% organic sales growth rate that, while at the top end of its forecast, trailed most competitors that have reported earnings for the most recent quarter, including Unilever, Colgate-Palmolive Co., Kimberly-Clark Corp. and Reckitt Benckiser.

The earnings performance resulted from a combination of coming in at the high end of sales forecasts and lower-than-expected commodity costs, said Chief Financial Officer Jon Moeller.

Continue reading at AdAge.com

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