Procter & Gamble posts profit jump

Procter & Gamble Co. said Thursday quarterly profit jumped 13 percent on solid sales growth, beating estimates, and the company raised its fiscal year forecast.

Profit at the maker of Crest toothpaste and Pampers diapers rose to $1.72 billion, or 63 cents per share, in the fiscal third quarter ended March 31, up from $1.53 billion, or 55 cents a share, a year earlier.

Wall Street, on average, had expected 61 cents a share, according to Reuters Estimates. P&G in March said third-quarter profit should come in at 60 cents to 62 cents per share, with sales growth in the high-single-digit range.

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Net sales grew 10 percent to $14.29 billion, ahead of analysts’ average forecast of $13.9 billion.

P&G said earnings for the fiscal fourth quarter, which ends in June, should be 54 cents to 55 cents per share. For the fiscal year, it now expects $2.64 to $2.65 per share, up from a previous forecast of $2.61 to $2.64.

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Analysts, on average, call for a profit of 55 cents in the fourth quarter and $2.63 for the year.

In January, Cincinnati, Ohio-based P&G agreed to buy Gillette Co., a deal valued at over $55 billion that would create one of the world’s largest makers of household goods. P&G said Thursday its integration planning with Gillette was continuing.