P&G profit beats, despite 6th straight drop in sales
Procter & Gamble (NYSE: PG) delivered quarterly earnings that topped analysts' expectations on Thursday.
The consumer products giant posted fourth-quarter earnings excluding items of $1.00 per share, up from 95 cents a share in the year-earlier period. The company said it took a $2.03 billion charge for a change in the accounting method of its Venezuelan operations.
Revenue fell to $17.79 billion from $20.16 billion a year ago. It was its sixth straight drop in quarterly sales, as it continued to be weighed down by a stronger dollar that stripped the value of overseas sales.
Analysts forecast P&G would deliver adjusted earnings per share of 95 cents on revenue of $17.98 billion, according to a consensus estimate from Thomson Reuters.
Shares of P&G were little changed in premarket trading following the announcement.(Get the latest quote here.) (NYSE: PG)
On Tuesday , the company confirmed that David Taylor, group president for global beauty, grooming and health care at Procter, will be succeeding A.G. Lafley as the next CEO.
Taylor will assume the chief executive role effective Nov. 1.
Procter's shares have struggled this year, declining more than 10 percent and trading about 1 percent higher year-over-year. The company's stock has also declined nearly 6 percent in the last six months.
-Reuters contributed to this report.
More From CNBC
