P&G Confirms Sales, Earnings Guidance
Procter & Gamble
"Most consumers don't view our products as discretionary," CFO Clay Daley said. "Things would have to get a lot, lot worse to impact our business."
The Webcast remarks came during a presentation by Daley at an investment conference hosted by Bank of America.
Daley said P&G was reviewing its portfolio of brands, and "if we determine a business is not delivering, we will look to exit the business." He did not specify which businesses the company might sell.
During a conference call in August, Daley said P&G was more likely to sell businesses than buy them right now. Those businesses are likely to go to strategic buyers rather than private equity, he added.
Procter & Gamble also stood by its forecast for a profit of 88 cents to 90 cents a share in its first quarter, which began in July.
The household and personal care products maker said it still expected sales to increase 6% to 8% in the quarter.
Analysts on average are expecting 89 cents a share on revenue of $20.17 billion, according to Reuters Estimates.
P&G gave the quarterly outlook in August, when it also forecast profit of $3.44 to $3.47 a share for the fiscal year.
At that time, the company said organic sales, which exclude the effect of mergers and foreign exchange, should rise 4% to 6% in both the first quarter and the fiscal year. In August, it also forecast total sales growth of 5% to 7% for the year.
P&G shares were trading up in afternoon trading on the New York Stock Exchange.