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P&G's profit drops nearly 4 percent

A worldwide drop in consumer spending shaved almost 4 percent from Procter & Gamble Co. profit in the fiscal third quarter, the world's largest consumer products maker said Thursday.
/ Source: The Associated Press

A worldwide drop in consumer spending shaved almost 4 percent from Procter & Gamble Co. profit in the fiscal third quarter, the world's largest consumer products maker said Thursday.

P&G said it earned $2.61 billion, or 84 cents per share, compared to $2.71 billion, or 82 cents per share, a year ago.

Earnings per share reflected fewer shares outstanding after J.M. Smucker Co. took over P&G's Folgers coffee business in a $2.95 billion stock deal last year.

Revenue dropped 8 percent, to $18.42 billion, also hurt by the stronger U.S. dollar. Analysts expected earnings of 80 cents per share on revenue of $18.9 billion.

P&G has been promoting its well-known brands such as Tide detergent, Pampers diapers and Gillette shavers by emphasizing value as well as cutting costs.