A strong U.S. dollar added up to a weak earnings report for Dow component Procter & Gamble, which blamed the negative impact from foreign currency exchange for its quarterly earnings miss.
The maker of household goods, including well-known brands such as Bounty paper towels, Tide detergent and Crest toothpaste, posted adjusted fourth-quarter earnings per share of $1.06, below the $1.13 investors forecast and the $1.15 earned in the final quarter of 2013. The consumer products maker posted revenue of $20.2 billion, which was inline with expectations.
P&G (PG) shares were down $2.17, or 2.4%, to $87.35 in premarket trading Tuesday.
But the story of the quarter was how big a chunk currency exchange took out of the company’s earnings. The company said that core earnings per share would have increased 6% if currency impacts were not taken into account. However, P&G also said that its sales suffered a “five percentage point (negative) impact from foreign exchange.”
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