The packaged-goods giant today reported fourth-quarter earnings were ahead of analyst expectations.
Sales up 6%
For the full fiscal year
Fourth-quarter net income was $910 million, or 64 cents a share, up from a loss of $320 million a year ago in a quarter when P&G took $1.1 billion in restructuring charges. Pro forma net income, which excludes restructuring charges, rose 22% to $1.09 billion, or 77 cents a share, beating consensus estimates by 3 cents.
Predicts earnings, sales growth
P&G reiterated projections of sales growth of 4% to 6% in fiscal 2003 and earnings growth, excluding restructuring charges, in the low double digits.
Chairman-CEO A.G. Lafley said he expects pricing and promotion pressure to subside some in 2003, with sales to grow within 1 to 2 points of volume for the year, though he said P&G has stepped up trade promotion behind new initiatives, which, he said, "has been paying off really well."