New York, NY, United States (4E) – Procter & Gamble Co. reported a 1.7 percent gain in third-quarter profit due to lower expenses, though sales fell slightly. Core earnings also surpassed analysts’ projections.
Profit was $2.61bn, or 90 cents per share, higher than $2.57bn, or 88 cents per share, from a year ago. Core earnings, which exclude some items like restructuring costs, jumped to $1.04 per share from 99 cents.
Sales dropped slightly to $20.56bn. Organic sales, which exclude currency movement impacts and acquisitions and divestitures, climbed 3 percent.
Selling, general and administrative costs declined 5.1 percent to $6.5bn.
The company, which makes products that include Tide detergent and Pampers diapers, is shifting its focus on selling higher-priced offerings and core household and personal-care products under Chief Executive A.G. Lafley.
This new strategy also involves the launch of the ProGlide FlexBall, a new Gillette razor that has a ball-hinge that allows the blade to pivot, according to The Wall Street Journal. The company sold the large part of its pet foods unit earlier this month to Mars Inc. in a $2.9bn transaction, which is expected to be completed in the second half of this year.