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P&G reaffirms second quarter outlook

This article was originally published in The Rose Sheet

Executive Summary

Fiscal 2002 (ending June 30) sales and earnings expected to be in line with earlier guidance, P&G predicts Dec. 11. Earnings per share likely will exceed last year's levels, but will not reach company's long-term double-digit goal, while sales gains, excluding currency, are expected to be higher than the prior year, but will not reach long-term goal of 4%-6%, P&G says. For the second quarter, both sales and volume are expected to increase at upper end of previous guidance of low single digit growth (1% to 3%), firm adds. Estimates include impact on results from Clairol acquisition. Announcement sparked interest on Wall Street with stock advancing 4.2% to reach 52-week high of 79.9...

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