Procter & Gamble Co on Wednesday said quarterly profit rose 14 percent, boosted by demand for products like Head & Shoulders shampoo and Olay beauty products, and a gain from the recent sale of its juice business.
The maker of Crest toothpaste, Tide laundry detergent and a host of other products also stood by its outlook for the fiscal year despite the increasing costs that have plagued the industry.
Chief Financial Officer Clayt Daley said in a conference call that P&G is being prudent by maintaining - instead of raising - its outlook to ensure it can face whatever comes in the current fiscal year.
Higher raw material costs, price competition and other factors have led rivals such as Kimberly-Clark Corp, Colgate-Palmolive Co and Unilever NV to issue bleak forecasts in recent weeks. But analysts have said P&G's size and scale could help it weather the storm.
Earnings rose to $2 billion, or 73 cents a share, in the first quarter ended in September, from $1.76 billion, or 63 cents a share, a year earlier. The results exceeded the analysts' average estimate by 1 cent a share, according to Reuters Estimates.
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