UPDATE: Procter & Gamble Posts Upbeat FQ4 Profit, Shares Gain

Procter & Gamble

reported better-than-expected fiscal fourth-quarter profit. The Cincinnati, Ohio-based company posted a quarterly profit of $2.58 billion, or $0.89 per share, versus a year-ago profit of $1.88 billion, or $0.64 per share. Its adjusted earnings rose 20% to $0.95 per share. Its sales declined 1% to $20.2 billion, while organic sales rose 2% in the quarter. However, analysts were expecting earnings of $0.91 per share on revenue of $20.48 billion. In fiscal year 2014, P&G's net sales rose 1% to $83.1 billion. In the fiscal year, Beauty segment net sales dropped 2%, while Grooming segment sales came in flat. Health Care segment net sales gained 1%, while Fabric Care and Home Care segment sales rose 1%. Baby, Feminine and Family Care segment net sales jumped 2% in the quarter. P&G Chairman, President, and Chief Executive Officer A.G. Lafley said, “We met our objectives in a very difficult operating environment, delivered strong constant currency earnings growth, and built on our strong track record of cash returns to shareholders.” Procter & Gamble now projects FY15 sales to rise in the low-single digit range, and organic sales to increase in the low-to-mid single digit range. It also expects per-share earnings growth in the mid-single digits. Procter & Gamble shares rose 1.53% to $78.50 in pre-market trading.