P&G reaffirms second quarter outlook
This article was originally published in The Rose Sheet
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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