Procter & Gamble Co., PG +0.95% the Cincinnati consumer-products major, reported fiscal-first-quarter net income fell 5% on 3.7% lower revenue. Earnings fell to $2.85 billion, or 96 cents a share, from $3 billion, or $1.01 a share, in the year-earlier quarter. Adjusted earnings were $1.06 a share vs $1.01 a share. Revenue fell to $20.74 billion from $21.53 billion. A survey of analysts by FactSet Research produced consensus estimates of 96 cents a share of earnings on $20.79 billion of revenue. P&G affirmed its estimate of adjusted profit for fiscal 2013, pegging the range at $3.80 to $4 a share. FactSet's survey is looking for $3.90. For the quarter, the company's adjusted gross-profit margin widened 0.8 percentage point, due to higher pricing and production-cost savings, partly offset by an "unfavorable geographic and product mix," P&G said in a Thursday statement.
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