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P&G Q4 update

Executive Summary

Sales projected to grow 6%-7% in the fourth quarter (ending June 30) with foreign exchange expected to contribute 3%-4% to the top line and acquisitions and divestitures to have a negative 1% impact, Procter & Gamble reports June 5. Sales expectations have been adjusted to reflect impact of a tornado that struck firm's Jackson, Tenn. Pringles manufacturing facility in May. Core earnings per share, excluding restructuring charges, are expected to grow 12%. Separately, P&G says it is launching additional tender offer period for Wella shareholders June 6 and will not change offer price for voting shares and preference shares during that period. P&G acquired approximately 5 mil. voting shares and 1.5 mil. preference shares, representing total of 9.69% of registered share capital during initial tender period...
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