Procter & Gamble and Colgate-Palmolive Announce Earnings

Both Procter & Gamble (PG) and Colgate-Palmolive (CL) presented potential signs of a recovery in earnings announcements today.

P&G said profits fell once percent, to $3.31 billion, or $1.06 per share, as compared to $3.35 billion, or $1.03 per share, in the same quarter last year, when there were more shares outstanding.

Earnings beat analyst estimates, even as sales were down 6 percent to $19.8 billion.

P&G said it is seeing signs of a rebound and hiked its growth outlook for the 2010 fiscal year to 2 to 4 percent.

Also this morning, consumer products competitor Colgate-Palmolive posted earnings that beat expectations.

Colgate earned $590 million, or $1.12 per share, as compared to $500 million, or 94 cents per share, in the same quarter last year.

Sales were up by about one quarter of one percent, to $4 billion.

Colgate said it is looking for another year of double-digit earnings growth in 2010.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200910-ProctorGamble102909&mv=1.

http://www.marketnewsvideo.com/

Related terms: consumer products, earnings, sales, video