Breaking news !! P&G profits cut 275 million by Currency devaluation ! releases seconds ago !
This can't be good news for overpriced PG can it ?
Procter & Gamble Co. (NYSE:PG): Current price $77.27
Venezuela’s decision to devalue their currency has hit Proctor and Gamble’s profits by $275 million in what is described as an almost overnight movement. According to the Wall Street Journal, Procter and Gamble (P&G) has cut their current quarter and full-year earnings view in light of the decision by the government of Venezuela to devalue their currency. The company indicated that they expect to take $200 million to $275 million in one-time charges. P&G further indicated that if the bolivar remains at current levels, annual profit will be reduced by 6 to 7 cents per share.