Procter & Gamble fiscal 2Q profit jumps
NEW YORK – Procter & Gamble is turning a corner.
The world’s largest consumer goods company, whose products like Tide detergent and Gillette razors are in 98 percent of U.S. households, in recent years has lost business to competitors as it grew too fast overseas and kept prices high. But on Friday P&G reported that its fiscal second quarter profit more than doubled as the plan the company launched last year to lower costs and roll out new products boosted its bottom line. It is the second quarter in a row that P&G beat Wall Street estimates.”We have more work to do, but the underlying trends are improving,” said CFO Jon Moeller in a call with analysts. The results signal a change for P&G, which like many U.S.-based companies, has been focusing on growing its business in places such as China and India as growth in more developed regions like North America have slowed.