Procter & Gamble reported quarterly earnings that met analysts' expectations on Friday, but revenue fell a bit short. The consumer products giant also said it would split off its Duracell battery business into a separate company.
P&G Chief Financial Officer Jon Moeller told CNBC, moments after the release, the Duracell move is part of a larger effort: "We're strategically focusing the portfolio on about 70 or 80 brands across four industry groups and 12 categories."
"We'll be going down between 90 and 100 brands," he continued. "Through the last five quarters, we've either divested, discontinued, or chosen to consolidate about 25 brands. So we're well along this path." The company sold its European pet food business to Spectrum brands in September, following P&G's earlier sale of the bulk of its pet food division to candy maker Mars in April.
On Friday, the company reported fiscal first-quarter earnings excluding items of $1.07 per share, up from $1.04 a share in the year-earlier period. Revenue slipped to $20.79 billion from roughly $21.21 billion a year ago.
Wall Street had expected P&G to report earnings of $1.07 a share on roughly $20.83 billion in revenue, according to a consensus estimate from Thomson Reuters.
Shares of the Dow stock moved higher in premarket trading following the report. (Get the latest quote here.)