P&G (PG) announced plans to separate its coffee business and create an independent company named The Folgers Coffee Company. The coffee business had sales of approximately $1.6 billion and operating income of about $350 million in fiscal 2007.
The company also said revenue for the last quarter increased nine percent to $21.6 billion behind five percent volume growth and a five point favorable foreign exchange impact. Diluted net earnings per share increased 17 percent to $0.98. Net earnings increased 14 percent to $3.3 billion behind higher sales growth, increased operating profit and a lower tax rate.
For the current period P&G expects earnings per share to be in the range of $3.46 to $3.50, up 14 to 15 percent versus the prior year. This is an improvement versus the company’s prior guidance range of $3.46 to $3.49 due to the strong results in the October-December quarter.
Douglas A. McIntyre
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