P&G Affirms quarterly, 2004 forecasts

Procter & Gamble Co. reiterated its fiscal second quarter and 2004 earnings forecast on Wednesday, with volume growth led by fabric and home care, health care and developing markets, particularly Russia and China.

In a press release Wednesday, the consumer products giant affirmed second-quarter sales growth of 14 percent to 18 percent, including a 3 percent to 4 percent benefit from the weaker dollar and 6 percent to 7 percent mainly from the recently acquired Wella, a German hair care company.

Based on year-ago sales of $11 billion, the company's estimate continues to suggest second-quarter sales of $12.54 billion to $13.09 billion.

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In October, the company said it was comfortable with analysts' second-quarter earnings estimate, which Thomson First Call pegged at $1.26 a share, on sales of $11.93 billion. Year-ago sales were $1.13 a share, excluding items.

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For fiscal 2004, Procter & Gamble said in October that sales will increase at least 13 percent and earnings would be in line with analysts' estimates, which according to Thomson First Call average $4.53 a share for fiscal 2004 ending June 30, on sales of $48.09 billion.

Proctor & Gamble's 2004 sales forecast continues to suggest full-year sales of $49 billion to $50.1 billion based on 2003 sales of $43.37 billion.