NEW YORK (CNN/Money) -
Household products maker Procter & Gamble raised its sales and earnings estimates for the current quarter Thursday, crediting the acquisition of Clairol, strong growth in the health care products unit, and improved performance in developing nations.
P&G said it now expects earnings for the September quarter, excluding restructuring charges, to grow in the mid-teens range. Analysts polled by earnings tracker First Call expect a profit of $1.09 a share for the quarter, which is 13 cents better than the 96 cents a share it earned a year earlier.
The company's sales expectations, excluding the impact of overseas currency transactions, foresee an increase in the high single-digit percent range for the quarter. Wall Street expects a 2.4 percent sales increase, according to First Call.
P&G said it expects double-digit sales volume growth in the quarter thanks to the Clairol acquisition, strong performance by the health care business unit, and continued strength in developing markets. Excluding the impact of acquisitions and divestitures, the company expects volume to grow in the high single-digits.
However, the company left fiscal 2003 guidance unchanged from previous forecasts. Wall Street is looking for full-year earnings of $3.95 a share, according to First Call. Sales, excluding negative currency transactions, are expected to grow 4-to-6 percent for the year.
P&G (PG: Research, Estimates) shares rose $2.02 to $88.56 Wednesday.
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