Cost controls, price increases boost P&G results

Procter & Gamble says its third quarter profit rose 8 percent as cost controls and price increases helped offset higher commodity costs.

The Cincinnati-based consumer product maker said Wednesday its profit rose to $2.71 billion, or 82 cents per share, compared with $2.51 billion, or 74 cents per share, a year ago.

Revenue rose 9 percent to $20.46 billion from $18.69 billion last year.

Analysts predicted profit of 81 cents per share on revenue of $20.43 billion, according to Thomson Financial.

The company now expects fiscal 2008 earnings to be between $3.48 and $3.50, from previous guidance of $3.46 to $3.50 per share. Analysts expect $3.49 per share.