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Procter & Gamble Lowers Guidance

PARIS--Procter & Gamble Co (PG) Wednesday lowered its earnings guidance for the current quarter as well as for fiscal year 2013, citing market share softness in developed markets and a negative impact from foreign exchange rates. Chairman and Chief Executive Bob McDonald also gave details on his program to refocus the group on more profitable businesses, reiterating the substantial cost-saving program. P&G expects its core earnings per share for the April-to-June quarter to be in the range of $0.75 to $0.79 from a previously expected range of $0.79 to $0.85 while organic sales growth is now expected to be 2% to 3%, compared with a previous expectation of a growth of 4% to 5%. Net sales for the quarter are expected to be down 1% to 2% as foreign exchange is expected to reduce them by 4%, Mr. McDonald said. The lowered guidance comes as the world's largest consumer products company reported in April a string of weak results, fueling investors' worries as well as expectations of a substantial overhauling of the group's operations and practices to recoup the ground lost to competitors such as Unilever PLC (UL) and Colgate-Palmolive Co. (CL) "We must and we will improve," Mr. McDonald said during a consumer conference in Paris. "We need to be more efficient and more productive," he added, while reiterating the group's cost-saving plan, noting it had made "good progress." P&G targets cost savings of $10 billion by 2016, with around 5,700 non-manufacturing job cuts by the end of the 2013 fiscal year. -Emily Glazer contributed to this story. Write to Geraldine Amiel at geraldine.amiel@dowjones.com

Stock News for Colgate Palmolive (CL)
DateTimeHeadline
05/05/201618:12:18Statement of Changes in Beneficial Ownership (4)
05/05/201617:45:15Statement of Changes in Beneficial Ownership (4)
05/05/201617:43:32Statement of Changes in Beneficial Ownership (4)
04/28/201609:36:11Quarterly Report (10-q)
04/28/201608:50:00Colgate-Palmolive Profit, Revenue Decline Amid Currency Headwinds
04/28/201608:37:00Colgate-Palmolive Profit, Revenue Decline Amid Currency Headwinds
04/28/201608:08:41Current Report Filing (8-k)
04/28/201606:55:00Colgate Announces 1st Quarter 2016 Results
04/25/201617:15:56Statement of Changes in Beneficial Ownership (4)
04/25/201617:15:01Statement of Changes in Beneficial Ownership (4)
04/21/201609:00:00Colgate-Palmolive Webcasts Presentation at its 2016 Annual Meeting...
04/19/201617:14:14Statement of Changes in Beneficial Ownership (4)
04/19/201609:10:38Additional Proxy Soliciting Materials (definitive) (defa14a)
04/15/201610:14:58Additional Proxy Soliciting Materials (definitive) (defa14a)
04/14/201609:00:00Colgate-Palmolive Webcasts 2016 First Quarter Earnings Conference...
04/06/201614:57:00The Rotary Club Teams Up with Colgate® Bright Smiles, Bright...
04/05/201617:10:04Statement of Changes in Beneficial Ownership (4)
04/05/201617:09:40Statement of Changes in Beneficial Ownership (4)
03/30/201603:02:00Colgate Sets Up Race To Succeed CEO Cook
03/29/201617:00:00Colgate Shuffles Leadership, Sets Up Race to Succeed CEO Cook

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