Procter & Gamble Posts Higher Quarterly Profit

Al Behrman/AP

By Jessica Wohl

Procter Gamble’s quarterly profit met Wall Street expectations Friday helped by growth overseas, cost cuts and a lower tax rate, and the world’s largest household products maker maintained its financial forecasts for the year.

Shares of PG (PG) slipped 0.8 percent to $80 in premarket trading.

The maker of Pampers diapers and Tide detergent said it still expected 5 percent to 7 percent growth in earnings a share this fiscal year, excluding restructuring charges. The company abandoned quarterly forecasts earlier this year.

It still expects organic sales, which strip out the impact of currency changes, acquisitions and divestitures, to rise 3 percent to 4 percent this fiscal year.

PG said it had earned $3.03 billion, or $1.04 a share, in the first quarter ended on Sept. 30, up from $2.81 billion, or 96 cents a share, a year earlier. Core earnings per share, which exclude restructuring charges, fell 1 percent to $1.05 and met analyst expectations, according to Thomson Reuters I/B/E/S.

Sales rose 2.2 percent to $21.21 billion, topping Wall Street forecast of $21.04 billion.

Organic sales rose 4 percent. Such sales were up in every category except health care, where they were flat, due in part to a pet food recall.

  • It seems that in one corner of Germany, it just isn’t safe to transport food in trucks anymore. In the small town of Bad Hersfeld, northeast of Frankfurt, thieves are running off with literally truckloads of goods. In August, 34,000 cans of Red Bull were robbed off a truck; in March, 30,000 euros ($40,000) worth of coffee; and this month, five tons of Nutella. That’s 16,000 euros ($20,800) worth of chocolaty hazelnut goodness. It seems unlikely that a sweet tooth was the motive for that latest crime, but rather the odds of being able to move the spread easily and profitably on the black market. A large jar of Nutella can cost upwards of $6.50, even at discount retailers like Walmart (WMT).
    The Case of the Missing Nutella
  • An Orlando, Fla., man should have studied the work of his German counterparts better before he decided to hijack a trailer full of Campbell’s soup this month. Investigators are unsure of the motives behind the crime — Black market sales? A terrible cold? —  but after a 30-mile chase that involved a helicopter and K-9 law-enforcement unit, he was caught and the $75,000 worth of canned soup was safely retrieved.

    “The court has seen many things stolen … This is the first time the court’s ever seen $75,000 worth of soup stolen,” Broward County Judge Jay Hurley told the 51-year-old at his arraignment.

    The Soup Thief

  • A Fiasco for Flapjacks

  • In February, as a Krispy Kreme driver was making a delivery to a gas station convenience store in Dacula, Ga., a man police later identified as James Freddy Major jumped into the truck and took off, giving those on the road that night the once-in-a-lifetime opportunity to see a convoy of police cars in hot pursuit of a doughnut truck.

    After running a couple of lights, Major rammed into a mailbox, then attempted to escape on foot. He was tackled by a police dog and eventually arrested. It was, according to media reports, his 11th arrest in Gwinnett County since 1999.

    The Doughnut Bandit

  • A man from Illinois used fake paperwork to trick a Wisconsin cheese producer into loading  $200,000 worth of Muenster on to his truck. He was arrested in New Jersey and the cheese recovered. However, the company, KK Cheese, doesn’t want its 42,000 pounds of cheese back because of concerns that it may have been tampered with. Instead, they will donate it to charity, if it gets cleared by the New Jersey health inspectors.

    Maybe this thief didn’t get the memo that the cheese bandit had been caught: He ran off with $100,000 worth of hamburger patties this month. The aspiring hamburglar struck at the shipping yard in New Jersey, rolling of with a shipment of burgers originally destined for The Netherlands. A spokesperson for the Linden Police Department said that food crimes like these occur frequently, and if the loot is not recovered within 48 hours, it has probably already made its way onto the black market.

    Cheese and Hamburglars

  • Not every grocery-related theft involves edible items. Supermarkets, discounters and other retailers have all been victims of unusual crime trend recently: People stealing Tide laundry detergent. And it’s no small matter: Some stores across the country are losing $10,000 to $15,000 worth of detergent a month.

    After a series of such thefts were reported to them, police in Maryland started to get suspicious; it seemed like a more complicated matter than just random petty thefts. Turns out, all those shoplifters weren’t just eager to wash their clothes; they were trading the Tide for drugs. Laundry detergent has become a popular item to barter for illegal drugs or sell to black market operations, because it’s impossible to track, doesn’t spoil, and everyone needs it. Tide, which is the nation’s most popular detergent brand, is also significantly more expensive than most other detergents. Like the maple syrup we mentioned before, Tide, too, has earned the nickname “liquid gold” for its value as street currency.

    A Clean Getaway

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Article source: http://www.dailyfinance.com/2013/10/25/procter-gamble-posts-higher-quarterly-profit-earnings/

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