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 CINCINNATI (AP) - Procter & Gamble Co. said Tuesday that strong growth in developing markets helped power earnings 14 percent higher in the third quarter for the world's largest consumer product company.
P&G said net income in the three months ended March 31 climbed to $2.51 billion, or 74 cents per share, from $2.21 billion, or 63 cents per share, in the year-earlier period. The Cincinnati company also improved its full-year earnings target on the strong quarterly sales.
However, the result failed to beat expectations of analysts polled by Thomson Financial, a day after investors drove the stock up $1.42, or 2.3 percent in anticipation of the earnings report. P&G shares fell $1.35, or 2.1 percent, to close at $62.96 on the New York Stock Exchange. The shares have traded in a 52-week range of $52.75 to $66.30.
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