Procter & Gamble Earns More than Expected Profits for Q3
Procter & Gamble has realized a huge profit in the third quarter, as per revelations of a new report, and it is therefore, that the firm is hoping to see a breathing room from Bill Ackman, activist hedge fund manager, after a long time.
P&G is a leading company in the field of manufacturing and it produces different products, including household goods like Pampers diapers and Bounty paper-towels, personal care things and prescription drugs as well as laundry detergents.
The profits, as per the findings, realized this time are greater than expectations as $3.13 billion i. e. $1.06 a share, was earned in the fiscal first quarter. The same was up from $1.03 a share or $3.02 billion previously. It is being said except for one-time items, the company has made 96 cents a share, which is more than analysts' estimation of 95 cents.
Further, the report says that Chief Executive Bob McDonald has again come up with a turnaround plan centering on $10 billion in cost reductions. It is being seen after years of depression though. From innovation point of view, it was necessary as P&G has not been able to see a hum from new products like it did with teeth-whitening kits once.
"We are continuing to focus on executing our growth and productivity strategy--maintaining momentum in developing markets", said Mr. McDonald.
New Zealand News
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