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P&G raises Q2 expectations

This article was originally published in The Rose Sheet

Executive Summary

Procter & Gamble is increasing second quarter sales and earnings per share guidance due to strong revenues and lower-than-expected costs for the Gillette acquisition, firm states in Dec. 13 release. Company now expects 25%-26% sales growth for the quarter, in the upper range of its previous estimate of 23%-26% growth. EPS guidance has moved to the upper margin of previous estimate ($0.66-$0.69) to $0.68-$0.69. P&G also predicts Gillette will dilute second quarter earnings by 8 cents to 10 cents per share versus previous forecast of 9 cents to 12 cents per share. Gillette turned in a strong performance in the second quarter, with sales increasing 17%, as opposed to previously estimated "flat to low-single digit sales growth," P&G adds. Firm's $57 bil. purchase of Gillette closed in October...
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