Procter & Gamble
The maker of Gillette razors and Tide laundry detergent said on Thursday that it expects earnings of $3.65 to $3.80 per share for fiscal 2010, which starts in July, and net sales ranging from down 2 percent to up 1 percent.
Analysts on average expected earnings of $3.92 per share, according to Reuters Estimates.
BMO Capital Markets analyst Connie Maneaty recommended buying P&G shares on any weakness resulting from the outlook as she sees the company's fundamentals improving over the next year.
We expected P&G to offer an outlook that pointed to heavy investment to recoup share losses, especially in detergents, and accelerate the investment in faster-growth international markets, Maneaty wrote in a note to clients. We believe today's news represents a solid buy-point.
For 2009, P&G expects net sales growth in the range of minus 2 percent to minus 4 percent and core earnings in the range of $3.62 to $3.67 a share.
On a net basis, it expects a 2009 profit in the range of $4.20 to $4.25 a share and $3.52 to $3.57 from continuing operations.
(Reporting by Martinne Geller and Ben Klayman, editing by Dave Zimmerman)