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Consumer Products

August 09, 1996|Times Staff and Wire Reports

P&G Net Rises 17% in Quarter, Stock Tumbles: Although Procter & Gamble Co.'s quarterly increase was a shade above expectations on Wall Street, the drop in stocks was attributed to investor worries that sluggish sales would constrain earnings growth. Cincinnati-based P&G, the largest U.S. consumer products company, said net earnings rose to $554 million, or 77 cents a share, in its fourth quarter ended June 30, compared with $472 million, or 65 cents a share, in the comparable 1995 quarter. P&G stock lost $2.875 to close at $87.875 in active trading on the New York Stock Exchange. Sales edged up 1% to $8.58 billion in the quarter from $8.5 billion in the 1995 period. "Investors are reacting to the 1% sales growth," said Morgan Stanley Inc. industry analyst Brenda Landry.

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