Procter & Gamble profit rises but shares slip

Procter & Gamble Co. posted a 13.6 percent rise in quarterly profit on Tuesday, driven by developing markets, and raised the low end of its full-year profit forecast due to the growth in the quarter.

The profit only met, rather than exceeded, expectations, and shares of P&G fell 0.8 percent in early electronic trading.

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"Our initial take is that there is big headline risk for P&G this morning since the company did not beat estimates and raise guidance," said Bear Stearns analyst Justin Hott, who rates the shares "outperform."

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- Posted: 2007-05-01 09:55:42

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