NEW YORK
Less than two weeks after declaring victory in a proxy war, Procter & Gamble Co.’s results show the company is making progress in some areas — but robust sales growth remains elusive.
Profit exceeded forecasts, offering the company’s executives some vindication after billionaire Nelson Peltz waged an intense campaign for a board seat, arguing the company has been held back by an unwieldy structure and trails peers in performance and innovation. Sales of products in the beauty, fabric and home care segments rose.
Profit was $1.09 a share on an adjusted basis, the Cincinnati-based company said Friday, topping the consensus estimate of $1.08. However, overall organic sales rose only 1 per cent, with contraction in the grooming and baby, feminine and family care divisions.
Shares of the maker of Tide, Pantene and Pampers alternated between gains and losses in early New York trading.
