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Despite disaster relief being sent to Japan after the awful earthquake, Proctor & Gambles stock falls.
PG's stock fell precipitously after the company said third quarter profit would fall short of analyst projections. It forecasted net income excluding extraordinary items will rise to $0.95-$1 a share, compared with average analyst estimates of 99 cents. The company is being hit by higher materials costs, which will erode profit by about $1 billion after taxes this year.
Gillete ended its endorsement deal with Tiger Woods, joining a growing list of companies cutting sponsorship deals after revelations of Woods' marital infidelity.
PG reaffirmed sales and profit forecasts, seeking to ease investor concerns that its growth goals were too ambitious.
PG was upgraded by analysts at EVA Dimensions LLC. S&P gives PG a positive 4 stars out of 5.
PG will bring its Wella hair color products to India in an aggressive push to expand its offerings in the developing country. The company aims to attract 1 billion new customers by 2015, mostly in India and China. Analysts believe PG will next bring toothpaste to the Indian market.
P&G reportedly rejected a merger of its Pringles unit with Diamond Foods in August. A merger would have valued Pringles at $1.5 billion.
P&G reaffirmed its organic sales forecast of 4-6% for 2011 and EPS growth of 7-9%.
The advertising industry's self-regulating body said PG's ads that claimed Ultra Strong advertising using a bear dancing over PG toilet paper was misleading and has to change it. PG says it will modify the advertising.
PG declared a dividend of $0.4818 per share of common stock, payable Aug 16 to shareholders of record at the close of business on July 23, 2010.
P&G announced it had completed the acquisition of the Ambi Pur brand from Sara Lee Corporation for 320 million euros. Ambi Pur is a global air care brand in 80 countries.
New home sales dropped by more than a third, indicating more than expected weakness in the economy, which boosted consumer products companies such as P&G.
P&G said it will launch its first major overhaul of the liquid Tide laundry soap in nearly a decade next month. The new product, termed Tide Acelift, will start shipping July.
PG fell more than 25% in a matter of minutes before regaining most of it. Chicago based broker Terra Nova Financial is believed to have executed the trade, and the matter is currently under investigation.
P&G said earnings will be 68 cents to 74 cents per share in the quarter ending in June, compared to analyst predictions of 76 cents. Sales will rise about 5%, compared with a January forecast of 6%.
P&G announced it would raise its quarterly dividend to 48.18 cents a share from 44 cents. The dividend is payable May 17 to shareholders of record as of April 30.
P&G announced it would reformulate its best selling Herbal Essences shampoo to reduce levels of the carcinogen 1,4 dioxane. 18 products will be reformulated by January 2011.
Schick introduced the Schuck Hyrdo a week after PG introduced the Gillette Fusion ProGlide. Both companies have turned to product innovation as a way to spur sales growth after the global recession.
P&G said it anticipates stronger sales in coming months as it launches a flurry of new products. The emphasis on innovation comes as the company tries to reassure investors it can rebound in profit from the recession. The company lowered its long-term forecast for growth from double-digits to the "high single to low double digits."
Berkshire decreased its stake in P&G by 9% to 87.5 million shares in order to finance its $27 billion buyout of railroad Burlington Northern Sante Fe.
PG said it earned $4.66 billion ($1.49 per share) in the second quarter of fiscal 2010. Analysts had expected $1.42 on average.
P&G intends to launch a new online e-store to sell its consumer products, putting it in direct competition with some of its biggest customers, major traditional retailers. The company says, on the other hand, that the estore will serve as a "lab" to identify consumer purchasing trends rather than boost revenue.
P&G declared a 44 cent quarterly dividend payable on Feb 16 to shareholders of record as of Jan 22.
Bank of America raised its price target for PG from $64 to $72, saying the company is "well positioned to turn the corner." The company has a strong focus on reinvestment and a "refreshed" long term approach.
Moody's revised its outlook for P&G to "stable" from "negative." The company said P&G has been resilient with respect to operating and financial metrics despite the weak economy and slower organic growth.
Net income fell 1% year-over-year to $3.31 billion ($1.06 per share), beating expectations of $0.95 to $1.00 per share. Revenue declined 6% to $19.81 billion, while organic sales growth 2%.
P&G completed the sale of its pharmaceutical business to Irish company Warner Chilcott plc for $3.1 billion in cash. P&G expects a one-time earnings boost of 43 cents per share in the second fiscal quarter from the sale.
PG is in talks to buy part of Sara Lee Corporation's international products unit. The company is interested in the division's air care business, which makes Ambi Pur air fresheners. The air care unit is valued around $700 million.
Citi upgraded PG to buy and increased its price target from $54 to $66. Citi analysts said PG will become more aggressive to win back lost market share moving forward.
PG reaffirmed its fiscal 2010 revenue guidance for organic sales growth of 1-3%. The company expects 2010 EPS of $3.99-$4.12 per share, including a one-time increase in earnings of $0.44 from the sale of its pharmaceutical business.
Procter and Gamble outlined targeted-price reductions for Tide, which is already resulting in market-share gains, and a new repositioning down of Cheer including a 13% price reduction. Both actions are expected to put pressure on Church & Dwight's (CHD) Arm & Hammer value brand, which has been a key source of growth this year.
According the SEC filings, former P&G CEO AG Lafley received a salary of $1.8 million in addition to $11.5 million in stock (up from $9.1 last year) and $6.5 million in options (down from $7.8m). His performance-based bonus fell since the company missed sales and EPS long-terms goals. The new CEO, Bob McDonald, will receive a salary of $1.4 million per year.
P&G and its international funding unit sold $1.5 billion in debt in two parts, increased from an originally planned $1 billion.
Warner Wilcott Plc will acquire P&G's global pharm business in a deal valued at $3.1 billion
P&G acquired the high end Miami-based company "The Art of Shaving," which sells razors for more than $300 each, and the upscale men's skin care line Zirh.
COO Robert McDonald will replace A.J. Lafley as CEO on July 1, announced P&G today.
P&G said revenue fell as the stronger US dollar cut into international sales. Revenue in the 3rd quarter fell 8% to $18.4 billion. Sales dropped across all categories, causing the company to downgrade its 2009 profit forecast to $4.25 a share. Net income fell 3.6% to $2.61 billion.
PG increased its quarterly dividend to 44 cents from 40 cents, payable on May 15 to shareholders of record as of April 24.
Procter & Gamble Co. is cutting 90 part-time jobs in Puerto Rico, as part of a broader restructuring over the next four months.
Continuing a streak of dividend increases for 50 years, P&G is expected to raise its dividend by at least 10% to 44 cents per share in April.
Susan Arnold stepped down from her post as President of Global Business Units at age 55. She had been viewed as a candidate to succeed CEO A.G. Lafley.
P&G is working with Goldman Sachs to identify potential buyers for its pharmaceuticals brands or identify other ways to exit the business. In December, the company had announced it stopped investing in new drug development.
PG reported its fiscal second quarter earnings were up 53% from the previous year, primarily from the sale of its Folgers coffee division. Organic sales were up 2%. The company lowered guidance for 2009 to $4.20-$4.35 per share from its prior outlook of $4.28-$4.38 per share.
PG and Fruit of the Earth announced settlement of a suit over the Olay Regenerist brands. The companies agreed to a judgement in which Fruit of the Earth recognized the validity of P&G's rights in the Olay Regenerist Trade Dress. Fruit of the Earth has also agreed to revise its product offerings.
P&G said fiscal second-quarter organic sales - which exclude acquisitions, divestitures and foreign-exchange impacts - will fall short of the 4% to 6% growth target given in October.
Proctor & Gamble expanded it's beauty products segment by purchasing Nioxin Research Laboratories, a private maker of products for thinning hair, in a deal valued at under $300 million (details of the term were not announced).
Procter & Gamble announces that a jury awarded it $19.25 million after determining that some of P&G's partner distributors had spread false rumors about the company to advance their own business.
Procter & Gamble announces plans to buy back approximately $5.5 billion in shares over the course of 2007.