The Dividend Daily

Consumer products giant The Procter & Gamble Company (PG) said Thursday that its third quarter profit edged slightly lower from last year, hurt by lower sales amid the economic recession.

The Cincinnati-based company reported third quarter net income of $3.31 billion, or $1.06 per share, down slightly from $3.35 billion, or $1.03 per share, in the year-ago period. Sales fell 6% from last year, to $19.81 billion.

On average, Wall Street analysts expected a lower profit of 95 cents per share, on matching sales of $19.8 billion.

Looking ahead, the company raised the low-end of its full-year profit guidance. It now expects full-year earnings of $4.02 to $4.12 per share, up from a previous view of $3.99 to $4.12 per share.

Procter & Gamble shares rose $1.45, or +2.7%, in premarket trading Thursday.

The Bottom Line
We have been recommending shares of PG since Sept.1, when the stock was trading at $54.11. The company has a dividend yield of 3.08%, based on last night’s closing stock price of $57.23.

The Procter & Gamble Company (PG) is a “recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.