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P&G ups 2Q guidance
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December 11, 2001: 4:41 p.m. ET
P&G expects EPS for Dec. quarter to be 2 to 3 cents higher than estimates.
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NEW YORK (CNN/Money) - Procter & Gamble said Tuesday it expects its fiscal second-quarter earnings to be 2 to 3 cents per share higher than current Wall Street forecasts.
P&G (PG: Research, Estimates) said core earnings-per-share growth for the second quarter of fiscal 2002 is expected to be at the top end of previous guidance, with earnings per share 2 or 3 cents higher than First Call's consensus estimate of $1 per share.
The company said half of the earnings improvement was due to sales and volume increases with the other half attributed to acceleration of non-operating income in the quarter.
"Despite significant economic uncertainties that continue to exist in the global market place, we are seeing satisfactory volume progress in all regions, with health care and beauty care delivering particularly strong growth," said A.G. Lafley, P&G president and CEO, in a statement.
For all of 2002 the company said it remains comfortable with the guidance provided earlier. The First Call consensus estimate for 2002 is $3.44 pre share. 
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