Procter & Gamble Co. (PG:NYSE)

Procter & Gamble Co. reported consolidated earnings results for the first quarter ended September 30, 2009. For the quarter, the company's net sales were $19.807 million, a decrease of 6%, compared to $20,983 million, that was primarily due to unfavorable foreign exchange impacts as the U.S. dollar remained above prior year levels. Diluted net earnings per share were $1.06, an increase of 3%, compared to $1.03 a year ago. Net earnings were $3,307 million, a decrease of 1%, compared to $3,348 million a year ago, primarily due to lower net sales, partially offset by the gain on the sale of Actonel in Japan, which was included in net earnings from discontinued operations. Net earnings from continuing operations were $3.027 million or $0.97 per diluted share against Net earnings from continuing operations was $3.115 million or $0.96 per diluted share a year ago. Net earnings from continuing operations were down 3% behind negative foreign currency impacts, lower net sales and higher base period divestiture gains on minor brands, partially offset by lower commodity and media costs and manufacturing cost savings in the current period. Earnings from continuing operations before income taxes were $4.184 million against $4.327 million a year ago. Operating income was $4.448 million against $4.386 million a year ago. Cash provided by operating activities was $4.555 million against $3.444 million a year ago. Capital expenditures were $552 million against $699 million a year ago. For the second quarter, the company expects that net sales to increase 3% to 7% versus the prior year. Diluted earnings per share are expected to be $1.36 to $1.44. For fiscal year 2010, the company's net sales are expected to be up 3% to 6%. The company updated its diluted earnings per share guidance to $4.02 to $4.12.

According to market speculation, declining sales have pushed Robert McDonald, the chief executive of Procter & Gamble Co. to look for both acquisitions and divestments. The Wall Street Journal reported that McDonald is insisting the heads of underperforming business units to find more growth, and cited sources close to the company saying he would divest weak businesses and snap up pieces from rivals such as Schering-Plough, Wyeth, and Alberto-Culver. A company declined to comment on specific acquisitions or divestitures.

Procter & Gamble Co. expected to Report Q2 2010 Results on January 25, 2010. This event was calculated by Capital IQ (Created on October 29, 2009).