Wall Street moderated its gains Friday morning, as investors weighed a series of corporate earnings from Procter & Gamble and UPS.
The Procter & Gamble Company (NYSE:PG) reported, before markets opened, fiscal first-quarter earnings excluding items of $1.05 per share on revenue of $21.21 billion, compared with earnings of $1.06 a share a year-ago. Wall Street had expected the company to report earnings excluding items of $1.05 a share on $21.05 billion in revenue, according to analysts polled by Reuters.
“P&G’s first-quarter results were consistent with our plans and expectations, putting us on track to deliver our goals for the fiscal year,” said Chairman, President and Chief Executive Officer A.G. Lafley. “We have good market share momentum, a number of strong innovations coming to market over the balance of the year, and cost savings from productivity efforts that will continue to build. We remain focused on driving innovation and productivity. We continue to improve operating discipline and execution every day to create value for consumers and shareowners.”
On Friday, shares of Procter & Gamble fell 0.88 percent to $79.90 in morning trading.
Also on Friday, United Parcel Service Inc. (NYSE:UPS) posted fiscal third-quarter earnings of $1.10 billion, or $1.16 a share, compared with $469 million, or 48 cents a share, in the same year-ago period. Revenue for the quarter rose 3.4 percent to $13.52 billion.
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Wall Street had expected the Atlanta-based company to earn $1.15 a share on revenue of $13.6 billion, according to Reuters.
“UPS is continuing to build global capabilities that position the company to meet the evolving supply chain needs of customers,” said Scott Davis, UPS chairman and CEO. “We are making investments in emerging markets, health care distribution and our worldwide retail delivery models, ensuring that UPS delivers both the solutions customers require and the returns our shareowners expect.”
UPS shares edged up 0.17 percent to $94.65 in morning trading.
The Dow Jones Industrial Average rose 10.87 points, or 0.07 percent, at 15,520.08. The S&P 500 Index was up 2.20 points, or 0.13 percent, at 1,754.32. The Nasdaq Composite Index was up 16.94 points, or 0.43 percent, at 3,946.07.