Procter & Gamble Co Reports Lower Q1 Results; Announces Plan to Exit Duracell Business (PG)

Before Friday’s opening bell, Procter & Gamble Co (PG) released its first quarter results and announced its plan to exit its Duracell battery business.

PG’s Earnings in Brief

PG reported first quarter net income of $2.00 billion, or 68 cents per share, down from $3.04 billion, or $1.03 per share a year ago. Excluding special items, earnings for $1.07 per share – matching analysts’ estimate of $1.07 per share. Net sales were $20.79 billion, down from $20.83 billion in the year prior.  Analysts expected to see revenue of $20.83 billion.

Duracell Personal Power Business

The company announced that it now plans to exit its Duracell personal power business by making it a stand alone company. PG has not yet provided details surrounding this spinoff.

CEO Commentary

CEO Alan G. Lafley commented, “P&G’s first quarter results were in-line with our expectations, despite a very difficult operating environment. This keeps us on-track to deliver our fiscal year commitments. We continue to accelerate and increase productivity savings, sharpen our strategies and strengthen our portfolio by focusing on our biggest opportunities.”

PG’s Dividend

PG will pay its next 64.36 cent dividend on November 17. The stock went ex-dividend on October 22.

PG Dividend Snapshot

As of market close on October 23, 2014

Click here to see the complete history of PG dividends.

Procter & Gamble shares were up $1.47, or 1.77% during premarket trading Friday. The stock is up 2.24% YTD.