Procter & Gamble Co. posted a higher quarterly profit on Friday, driven by cost controls, and also announced an acceleration of its share repurchase plans.
Profit was $2.27 billion, or 67 cents per share, in the fiscal fourth quarter ended in June, up from $1.9 billion, or 55 cents per share, a year earlier.
The maker of Gillette razors, Tide laundry detergent and Pampers diapers said in early June it expected to earn 64 cents to 66 cents per share. Analysts, on average, expected it to earn 66 cents a share, according to Reuters Estimates.
P&G plans to repurchase $24 billion to $30 billion of shares over the next three years. In fiscal 2007, the company spent $5.6 billion on share buybacks.
Shares of Cincinnati-based P&G fell 3.1 percent during the quarter while the Dow Jones industrial average, of which it is a component, rose 8.5 percent.
(Reporting by Jessica Wohl)