News Summary: P&G 1Q results beat expectations

THE NEWS: Procter & Gamble, the world's largest consumer products maker, said Thursday that its net income fell 7 percent, as restructuring charges and the stronger dollar outweighed its cost-cutting plan. But adjusted results beat expectations.

THE BACKGROUND: The quarter was a much-needed positive for CEO Bob McDonald, who has been criticized for not doing enough to turn around results. P&G is in the midst of a turnaround plan focusing on its top markets and products.

WHAT'S NEXT: CEO McDonald says the company is only in the "early innings" of the turnaround plan.