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Procter & Gamble Net Income Drops
CINCINNATI (AP) - Procter & Gamble Co. says its fiscal fourth-quarter net income dropped due to a write down related to its Braun Appliance business and other one-time costs but adjusted results beat expectations.
Its shares edged up 1 percent in premarket trading.
The maker of Tide detergent and Crest toothpaste says net income totaled $1.88 billion, or 64 cents per share, for the three months ended June 30. That's down from $3.63 billion, or $1.24 per share in the prior year quarter.
Excluding one-time items, adjusted earnings totaled 79 cents per share. Analysts expected 77 cents per share.
Revenue rose 2 percent to $20.66 billion. Analysts expected revenue of $20.54 billion.
The company expects net income in fiscal 2014 to rise 5 percent to 7 percent with revenue up 1 percent to 2 percent in fiscal 2014.
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