Pharmaceuticals Unit Sales
The company said first-quarter earnings declined mainly because of the sale of its global pharmaceuticals business, completed in October 2009. The gross margin declined 70 basis points because of rising commodity costs.
Last year, 38 percent of P&G’s sales came from the U.S.
P&G rose 46 cents to $63.32 at 7:21 a.m. before the open of the New York Stock Exchange. The shares had gained 3.7 percent this year before today.
U.S. unemployment is forecast to exceed 9 percent through 2011, the third year it would top that level, according to Bloomberg monthly surveys. The proportion of people who said U.S. jobs were plentiful fell to the lowest level this year in October and income expectations were the weakest since April 2009, according to a Conference Board survey released yesterday.
Kimberly-Clark Corp., the maker of Huggies diapers and Viva paper towels, posted a 19 percent drop in third-quarter profit yesterday, and lowered its full-year earnings forecast, citing rising materials costs.
Profit was also trimmed by lower demand in the professional-services unit, which sells brands such as Kleenex and Scott toilet paper to workplaces, and currency devaluation in Venezuela, Kimberly-Clark said yesterday.
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