P&G Q2 net profit rises 140%, beats expectations

Procter & Gamble said Friday its fiscal second-quarter net income more than doubled, and the world's largest consumer products maker is boosting its profit outlook as the maker of Tide and Pampers takes back market share. For the October-through-December quarter, the company earned $4.06 billion, or $1.39 per share, up from $1.69 billion, or 57 cents per share, in the same quarter last year. Excluding items, it earned $1.22 per share. Revenue increased 2 per cent to $22.18 billion. The company said it held or increased its market share in businesses representing nearly 50 per cent of the recent quarter's sales. In the US market, that figure increased to 60 per cent of sales. Based on its better-than-expected results for the first half of the year, the US-based company said it now expects fiscal 2013 core earnings of $3.97 to $4.07 per share on revenue growth of 1 per cent to 2 per cent.

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