P&G posts 1Q profit, matches Wall Street estimates

CINCINNATI – Procter & Gamble Co. (PG) on Friday reported net income of $1.99 billion in its fiscal first quarter.

On a per-share basis, the Cincinnati-based company said it had profit of 69 cents. Earnings, adjusted for one-time gains and costs, were $1.07 per share.

The results matched Wall Street expectations, according to FactSet.

The world’s largest consumer products maker posted revenue of $20.79 billion in the period. Analysts expected $20.76 billion, according to FactSet.

P&G shares rose $1.47 to $84.70 in premarket trading.

Through Thursday’s close, company shares have increased 2 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5.5 per cent. The stock has climbed almost 3 per cent in the last 12 months.