Consumer products maker The Procter & Gamble Company (PG) on Wednesday lowered its fiscal fourth quarter earnings guidance, blaming negative currency translation effects and sluggish growth in its North American markets.
The Cincinnati-based company said it now expects fiscal fourth quarter earnings to range from 75 to 79 cents per share, down from a prior outlook of 79 to 85 cents. It also forecast implied revenue of $20.45 billion to $20.66 billion.
On average, Wall Street analysts are looking for earnings of 82 cents per share on revenue of $20.62 billion.
CEO Bob McDonald said in a statement, “We are making the necessary adjustments to our growth strategy to increase focus on our core business and to achieve more balanced growth across geographies, product categories and the top and bottom lines.”
Procter & Gamble shares fell $1.49, or -2.4%, in premarket trading Wednesday.
The Bottom Line
Shares of Procter & Gamble (PG) have a 3.62% dividend yield, based on last night’s closing stock price of $62.21. The stock has technical support in the $58-$60 price area. If the shares can firm up, we see overhead resistance around the $64-$66 price levels.
The Procter & Gamble Company (PG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.