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P&G Confirms Sales, Earnings Guidance

Procter & Gambleis insulated from much of the market volatility that has rocked other companies, since consumers typically are reluctant to cut household items like toilet paper and toothpaste from their budgets, its chief financial officer told investors.

"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.