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P&G makes steady progress in Q3


CINCINNATI — Procter & Gamble third-quarter sales for 2013 rose 2% as net earnings per share rose 7%.

“We delivered another quarter of steady progress,” stated chairman, president and CEO, Bob McDonald. “Top-line growth was in line with our expectations. Market shares improved broadly. Strong cost savings enabled us to exceed our outlook on the bottom line. We increased our dividend earlier this month, and we are now projecting to repurchase $6 billion in stock, which is at the high end of our estimated range. We expect further top-line improvement in the fourth quarter, driven by innovation and portfolio expansion, enabled by continued productivity improvement.”

Net sales increased 2% to $20.6 billion in the January-to-March quarter, including unfavorable foreign exchange of 1%. Organic sales grew 3%.

Diluted net earnings per share were 88 cents, an increase of 7% versus the prior year period. Excluding noncore charges of 11 cents per share in the current year, core earnings per share were 99 cents, an increase of 5% versus the prior year period.

Net sales decreased 2% in hair care and skin care in a period of heavy competitive product and promotional activity. Meanwhile, blades and razors net sales increased versus the prior year driven primarily by innovation in the United States and pricing and product mix improvement in developing regions, P&G stated. Oral Care net sales also grew in developed and developing markets due to innovation and portfolio expansion.

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