Manufacturing Industry
Profit warning from P&G sends stock plunging.
Cosmetics International, March, 2000
Procter & Gamble's profit warning has sent its stock plunging and also lost $35.51bn in market value. The company said that it expects to deliver top line sales growth of 7% to 8% for the second half of the fiscal year, more than double last year's rate for the same period, but revised its earnings outlook. P&G said that it expects core third quarter earnings per share (EPS) on a diluted basis to be 10% to 11% below a year ago, compared with its previous guidance of a 7% to 9% increase. EPS growth, says the company, for the fourth quarter is expected to be between 16% to 18%, versus a year ago.
This is due to `unexpected events' claims P&G, which include higher than anticipated pulp costs not fully covered by cost savings and pricings; higher costs of...
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