Although A.G. Lafley’s return to The Procter & Gamble Company (PG) in May 2013 was taken by investors as heralding a turnaround for the company, hopes may have run too high. This much has been evident since the day of P&G’s first quarter (1Q) fiscal year 2014 (FY14) earnings announcement – the stock is up a mere 1.5% since, even though results were better than expectations.
The consumer goods manufacturer posted diluted earnings per share (EPS) of $1.04, 2.3% better than consensus estimates. Organic sales grew 4% in the quarter, as in the preceding quarter, while sales and earnings were up 2% and 8%. The company maintained its guidance for organic sales growth between 3-4%, and core earnings per share growth to clock in between 5-7% for the full fiscal year.
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