Procter & Gamble profit rises, buybacks planned

Procter & Gamble Co. posted a better-than-expected 19 percent rise in quarterly profit on Friday, helped by cost controls, and announced a sharp acceleration of share repurchases.

But the maker of Gillette razors, Tide laundry detergent and Pampers diapers also forecast earnings below Wall Street expectations in the fiscal year begun July 1.

While the fiscal 2008 guidance is "somewhat disappointing, (it) is likely conservative," said CIBC World Markets analyst Joseph Altobello, who rates P&G "sector outperformer."

Profit was $2.27 billion, or 67 cents per share, in the fiscal fourth quarter ended June 30, up from $1.9 billion, or 55 cents per share, a year earlier.

Read Full Article from Reuters

- Posted: 2007-08-03 10:26:59

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