P&G reports net- profit better than expected

Procter & Gamble revises downwards its estimates for the full year 2016 after closing a quarter of mixed results, with declining sales and profits rise. The US giant of products for personal care reported in the fiscal third quarter 2016 revenue amounted to $ 15.8 billion, down 7% compared to the same period of 2015, due to the strong dollar. Net profit however rose to 2.75 billion dollars, or 97 cents a share, from 2.15 billion, equal to 75 cents per share, a year earlier. Analysts had expected revenues of 15.81 billion dollars and earnings per share of 82 cents.

In light of this performance, Procter & Gamble has revised down its guidance for the full year, expecting a fall in core earnings between 3 and 6% (against the previous forecast of an increase) because of rising costs advertising and taxation, as well as the negative impact from the strong dollar.
The company also expects organic sales are driven more by volume rather than pricing in the next 2-4 quarters.