Shares of Procter & Gamble Co (PG ) were down on Tuesday morning after the company released its second quarter financial results.
PG's Earnings in Brief
- PG reported earnings of $2.37 billion, or 82 cents per share, compared to $3.43 billion, or $1.18 per share, last year.
- Excluding special items, earnings were $1.06 per share – below analysts’ estimates of $1.13 per share.
- Revenue came in at $20.16 billion, down from $21.1 billion last year. Analysts expected to see revenue of $20.62 billion.
PG’s chairman, president and CEO A.G. Lafley commented: “The October – December 2014 quarter was a challenging one with unprecedented currency devaluations. Virtually every currency in the world devalued versus the U.S. dollar, with the Russian Ruble leading the way. While we continue to make steady progress on the strategic transformation of the company – which focuses P&G on about a dozen core categories and 70 to 80 brands, on leading brand growth, on accelerating meaningful product innovation and increasing productivity savings – the considerable business portfolio, product innovation, and productivity progress was not enough to overcome foreign exchange.”
PG will pay its next 64.36 cent dividend on February 17. The stock went ex-dividend on January 21.
Shares of PG were down $2.28, or 2.55%, during pre-market trading Tuesday.