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Sat, Mar 31, 2001 EST
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Procter & Gamble Meets Earnings Expectations
Associated Press
CINCINNATI — Procter & Gamble Co.'s earnings in the second quarter increased 6 percent to $1.19 billion, including worldwide sales that were essentially unchanged from the same period a year earlier.

Earnings per share were 84 cents for the quarter ended Dec. 31, management said Tuesday. A year earlier, the consumer products company best known for Tide detergent, Crest toothpaste and Pampers diapers earned $1.13 billion, or 78 cents per share.

Excluding a $120 million after-tax charge for P&G;'s Organization 2005 restructuring program, earnings totaled $1.31 billion or 93 cents per share compared with $1.26 billion and 88 cents last year.

The core net the most turbulent in P&G;'s history and eventually prompted the company to oust chief executive Durk Jager in favor of Alan G. Lafley.

Lafley said Tuesday's earnings report was a step toward consistency, but he still wants to get P&G; back to double-digit annual increases in earnings per share.

"We delivered the earnings per share results we said we would -- for the second quarter in a row. Still, we can and must do better," Lafley said.

Global sales totaled $10.2 billion for the second quarter, down by 4 percent from $10.6 billion a year earlier. But that equaled the record sales of the second quarter of 1999 after adjusting for unfavorable foreign currency exchange rates, P&G; officials said.

The volume of products shipped was down 2 percent from the previous year when introduction of new brands and expansion of established brands helped the results, management said.

For the first six months of P&G;'s bookkeeping year, earnings were $2.35 billion and $1.66 per share, up by 3 percent from last year's $2.27 billion and $1.58. Sales totaled $20.15 billion, off by 2 percent from last year's $20.5 billion.

Excluding the Organization 2005 restructuring expense, earnings totaled $2.55 billion and $1.81 per share against the previous year's $2.53 billion and $1.76.

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