A strong U.S. dollar added up to a weak earnings
report for Dow component Procter & Gamble, which blamed the
negative impact from foreign currency exchange for its
quarterly earnings miss.
The maker of household goods, including well-known
brands such as Bounty paper towels, Tide detergent and Crest toothpaste,
posted adjusted fourth-quarter earnings per share of $1.06, below the
$1.13 investors forecast and the $1.15 earned in the final quarter of
2013. The consumer products maker posted revenue of $20.2 billion, which
was inline with expectations.
P&G (PG) shares were down $2.17, or 2.4%, to $87.35 in premarket trading Tuesday.
But the story of the quarter was how big a chunk
currency exchange took out of the company’s earnings. The company said
that core earnings per share would have increased 6% if currency impacts
were not taken into account. However, P&G also said that its sales
suffered a “five percentage point (negative) impact from foreign
exchange.”
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