CINCINNATI, Fri Apr 27, 2012 – Procter & Gamble Co. lowered its profit expectations for the year on Friday as it works on its new restructuring plan and continues to feel some pressure from higher commodity costs.
Shares of P&G fell 2 percent to $65.55 in premarket trading.
The world’s largest household products maker posted a lower quarterly profit, weighed down by charges for its restructuring, which calls for eliminating 5,700 nonmanufacturing jobs and cutting $10 billion in costs by the end of fiscal 2016.
The maker of Pampers diapers and Gillette razors earned $2.41 billion, or 82 cents per share, in the third quarter ended in March, compared with $2.87 billion, or 96 cents per share, a year earlier.
Core earnings per share, which exclude items such as restructuring charges, were flat at 94 cents. The results topped analysts’ expectations of 93 cents, according to Thomson Reuters I/B/E/S.
Sales rose 2 percent to $20.19 billion.
P&G said it now expected to post core earnings per share of $3.82 to $3.88 this year. Back in February, it had forecast $3.93 to $4.03 for the year ending in June.
P&G outlined its restructuring plan in February.