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P&G 3Q earnings up 8%
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April 22, 1999: 10:01 a.m. ET
Price hikes, Asian rebound offset weakness in Europe and Latin America
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NEW YORK (CNNfn) - Procter & Gamble Co. said Thursday earnings rose 8 percent in the latest quarter, beating forecasts on Wall Street, as price increases in the United States and a rebound in Asia more than offset weakness in Europe and Latin America.
The maker of Ivory soap, Crest toothpaste, Pampers and other consumer products said it earned $1.04 billion, or 72 cents a diluted share, in its fiscal third quarter, ended March 31, up from $961 million, or 65 cents a share, a year earlier. Analysts had forecast earnings of 70 cents a diluted share for the latest quarter, according to First Call, which tracks profit estimates.
Sales rose 4 percent to $9.23 billion from $8.88 billion. While unit shipments were flat, price increases and an emphasis on premium-priced products boosted revenue, the Cincinnati-based company said.
P&G, whose stock is one of 30 in the Dow Jones industrial average, said earnings jumped 13 percent in North America as sales grew 7 percent, boosted by strength in a new version of its Tide laundry detergent, with bleach, Oil of Olay skin lotion, and other products.
Earnings fell 2 percent while sales were flat in Europe, the Middle East and Africa, hurt by the turmoil in Russia, P&G said. Excluding Russia, earnings rose more than 10 percent.
Profit more than doubled in Asia compared with a weak base a year earlier, the company said. Price increases helped boost sales 8 percent even while unit shipments fell 6 percent.
Latin American sales were flat while earnings fell 16 percent, hurt by currency fluctuations and expansion costs. 
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Procter & Gamble
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