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Procter & Gamble quarterly profit rises

Procter & Gamble Co. on Friday posted a 20 percent rise in quarterly profit, fueled by sales of tooth whiteners, shampoo and heartburn pills.
/ Source: Reuters

Procter & Gamble Co. on Friday posted a 20 percent rise in quarterly profit, fueled by sales of tooth whiteners, shampoo and heartburn pills.

The maker of Tide laundry detergent, Crest toothpaste and Herbal Essences shampoo reported a profit of $1.53 billion, or $1.09 a share, for the fiscal third quarter ended March 31, compared with $1.27 billion, or 91 cents a share, a year earlier.

Analysts' average forecast was $1.08 a share, according to Reuters Research. Analysts raised their estimates after P&G said on March 9 that it would beat the average estimate prevailing at that time.

Sales rose 22 percent to $13.03 billion. Analysts on average forecast $12.69 billion, according to Reuters Research, a unit of Reuters Group Plc.

Cincinnati-based P&G said it was comfortable with fourth-quarter earnings estimates. Analysts on average forecast 96 cents a share, according to Reuters Research.