Procter & Gamble Down Over 3% On Guidance Cut

The Procter & Gamble Company

is trading lower on the session following its guidance cut this morning. The company announced it sees quarterly EPS of $0.79-0.85 vs $0.75-0.79 prior guidance. Procter & Gamble said it sees this quarter's revenues to be in the range of down two to down one percent compared to a prior range of an increase of one to two percent. Procter and GAmble also initiated a preliminary FY 2013 guidance: "Organic sales are expected to increase in the range of two to four percent. Core earnings per share are expected to be in-line to up mid-single digits percentage versus fiscal 2012 results. P&G noted that foreign exchange, based on early-June spot rates, will negatively impact fiscal 2013 EPS growth by approximately four percentage points. Excluding foreign exchange impacts, P&G's core earnings per share outlook equates to approximately mid-to-high single digit growth." The Procter & Gamble Company is currently trading at $60.12, a loss of $2.08 or 3.35%.