Procter & Gamble Beats Expectations Despite Lower Net Income

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Shares of Procter & Gamble are rising in morning trading after reporting second quarter profit that beat Wall Street expectations. The household products company actually experienced net income that dropped 16% from the same period a year ago, but excluding restructuring costs, earnings came in at $1.21 a share, which beat analyst expectations by a penny, according to FactSet. Revenue climbed less than 1% to $22.28 billion, missing analyst expectations of $22.34 billion. Looking forward, P&G reiterated its 2014 guidance, which includes 3% to 4% sales growth excluding acquisitions and currency exchange, and core earnings growth of 5% to 7%.

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