Procter & Gamble today reported fiscal first-quarter earnings of $3.1 billion, up from a year-ago profit of $2.7 billion.
The company said the latest results reflect a tax benefit of two cents a share. Sales rose 8 per cent in the latest three months to $20.2 billion from $18.79 billion in the same period a year earlier.
The company also lifted its outlook for fiscal 2008 to earnings of $3.46 to $3.49 a share to reflect the tax benefit recorded in the September quarter.
Also for the year, the company said it expects organic sales growth of 4 per cent to 6 per cent, which is in line with its long-term target range.
For the second quarter, ending in December, P&G expects earnings of 95 to 97 cents a share. The current average analysts' view is for a profit of 97 cents a share in the period.