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P&G Raises Earnings Outlook after Folgers Sale
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Procter & Gamble raised its second-quarter and full-year profit forecasts on Monday as it estimated higher-than-expected earnings from the sale of Folgers, the largest U.S. coffee business, to JM Smucker.
Based on actual proceeds from the transaction, the world's largest consumer product maker expects a gain from Folgers sale of around $0.63 per share, an increase of $0.13 per share from its previous estimate, the company said in a statement.
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On that basis, Procter & Gamble now expects earnings per share of $1.58 to $1.63 for its second fiscal quarter and $4.28 to $4.38 for the 2009 fiscal year.
J.M. Smucker agreed in June to acquire Folgers in an all-stock deal valued at $2.95 billion. The transaction would give P&G shareholders a 53.5 percent stake in Smucker, known for its namesake jellies and jams.
To execute the deal, P&G distributed Folgers to P&G shareholders, with a simultaneous merger of Folgers with Smucker.
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