Consumer products maker Procter & Gamble said today that quarterly profit rose as strength in its health-care segment offset the effect of price pressures in other markets.
Core earnings, excluding restructuring charges, grew 10 per cent to $1.59 billion, in line with earlier guidance and beating analysts' forcasts.
P&G, which makes nearly 300 consumer products, including 'Pampers' nappies and 'Tide' laundry detergent, posted net income of $1.49 billion in its second fiscal quarter compared with $1.3 billion a year ago.
Since 1999, the company has cut more than 16,000 jobs, reduced excess capacity and pared off lagging brands, all at a cost of about $3.7 billion.
P&G shares closed yesterday at $83.05 on the New York Stock Exchange. The stock has fallen more than 3 per cent this year, compared with the Dow Jones Industrial Average, which has fallen 4.2 per cent.