Quarterly earnings for consumer product giant Procter and Gamble, Cincinnati, OH, have jumped 29% from a year ago to 2.55 billion dollars. Earnings for the second fiscal quarter amounted to 72 cents per share, better than the 69 cents expected on Wall Street. Net sales, which include the addition of the Gillette razor and battery business, increased 27% to $18.34 billion dollars in the period to December 31. The company has raised the midpoint of its earnings target and said sales would grow in the 6-7% range, excluding special items.
"Growth momentum on P&G and Gillette continues to be strong," said chairman, president and chief executive AG Lafley. "Excellent top line growth enabled us to exceed earnings expectations in what we anticipate to be the most difficult cost quarter of the fiscal year. This quarter's results, a robust innovation pipeline and good progress on the Gillette integration give us the confidence to raise the earnings outlook for the fiscal year."