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The Procter & Gamble Company
reported in-line earnings for the first quarter. The company announced its plans to exit Duracell personal power business and create a stand-alone Duracell company.
The Cincinnati, Ohio-based company posted quarterly net income of $1.99 billion, or $0.69 per share, versus a year-ago profit of $3.03 billion, or $1.04 per share. Its earnings, excluding certain items, came in at $1.07 per share.
Its revenue fell to $20.79 billion from $20.83 billion in the period. However, analysts were expecting earnings of $1.07 per share on revenue of $20.76 billion.
Beauty, Hair, and Personal Care segment organic sales came in unchanged, while Health Care segment organic sales rose 6%. Fabric Care and Home Care segment organic sales came in unchanged, while Baby, Feminine and Family Care segment organic sales climbed 4% in the quarter.
P&G generated operating cash flow of $3.6 billion in the quarter.
The company returned $4.2 billion in cash to shareholders, including $2.4 billion of common stock repurchases and $1.8 billion in dividends.
“P&G's first quarter results were in-line with our expectations, despite a very difficult operating environment,” said Chairman, President, and Chief Executive Officer A.G. Lafley. “This keeps us on-track to deliver our fiscal year commitments.”
Procter & Gamble affirmed its adjusted EPS growth guidance for fiscal 2015.
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