Proctor & Gamble
This article was originally published in The Rose Sheet
Executive Summary
Second quarter (ended Dec. 31) sales were flat (down .7%) at $7.79 bil., the firm announces Jan. 27. P&G noted that the slight decrease was due to the impact of unfavorable exchange rates; excluding that effect, sales would have increased 3%. In the first half, sales fell 2.3% to $15.35 bil. Net earnings advanced 13.4% to $653 mil. in the second quarter; they would have climbed 17% at constant exchange rates. P&G attributed the gain to "strong U.S. and international unit volume growth and lower costs." Excluding the discontinued pulp and juice operations, unit volume advanced 6%. Eliminating the impact of charges for discontinued operations and the adoption of new accounting standards on fiscal 1993 first half net earnings, six-month net earnings were up 11.6% to $1.32 bil