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Coffee Gives P&G’s Earnings a Jolt

Company expects bigger gain from sale of Folgers.

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By: Jamie Matusow

Editor-in-Chief

Consumer products company Procter & Gamble Co. late Monday raised its full-year and fiscal second-quarter profit outlook due to a higher-than-expected gain from its sale of its Folgers coffee business.

Based on actual proceeds from the transaction, the company now expects the gain from the Folgers transaction at 63 cents per share, up from the 50 cents per share previously forecast.

Based on the new estimate, the company now expects earnings per share between $1.58 and $1.63 for the December quarter and $4.28 to $4.38 for fiscal 2009.

Analysts polled by Thomson Reuters expect per-share profit of $1.47 for the quarter and $4.18 for the year. Analysts usually exclude one-time items from their estimates.

For the current quarter, P&G previously projected earnings between $1.45 and $1.50 per share. Its prior earnings-per-share forecast for fiscal 2009 was $4.15 to $4.25.

J.M. Smucker Co. is taking over the Folgers coffee business in a $2.95 billion stock deal.

P&G plans to announce the final gain on the transaction when reporting quarterly results on Jan. 30.


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