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The
world's no.1 personal care products maker forecast full-year
core earnings growth in the range of 5% to 10%, compared with
its prior estimate of 4% to 9% growth.
P&G expects full-year sales to grow as much as 5%, compared to
earlier expectation of 4%. The company retained the lower end of
3% growth.
Organic sales, which excludes acquisitions, divestitures and
currency effects, rose 7% in the first quarter.
The tide detergent maker saw solid growth in its beauty business
and healthcare segment, with organic sales in its beauty
business rising 10%.
Organic sales in the grooming unit, a sore point for the
company, reported a 1% growth. It took an $8 billion writedown
for its Gillette shaving business in the fourth quarter.
Overall, net sales climbed 6.6% to $17.80 billion, beating
analysts' average estimate of $17.42 billion, according to IBES
data from Refinitiv.
Net income attributable to the company rose to $3.59 billion, or
$1.36 per share, in the three months ended Sept. 30, from $3.20
billion, or $1.22 per share, a year earlier.
Excluding items, it earned $1.37 per share, beating estimate of
$1.24.
(Reporting by Soundarya J in Bengaluru; Editing by Bernard Orr)
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