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Recall Still Weighs On P&G Financials

P&G Financials still feeing effects of recall.

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Procter & Gamble Co. reported that its pet care sales volume for its third quarter ended March 31 were down from the year-ago period by “low-single digits due to continued impacts from the voluntary wet pet food recall.”

Overall, the company’s snacks, coffee and pet care business unit saw volume sales climb 4 percent, largely due to new Pringles products and a Dunkin’ Donuts license agreement on the coffee side.

Despite that, sales in its snacks, coffee and pet care business unit increased 11 percent to $1.2 billion for the quarter. Net earnings for the unit for the quarter were down 9 percent to $105 million, primarily due to a Hurricane Katrina insurance payment received in the year-ago period.

Year-to-date, the unit has seen net earnings decline 2 percent to $345 million and sales increase 7 percent to $3.6 billion.

Overall, P&G posted net income of $2.7 billion on sales of $20.5 billion for the quarter and net income of $9.1 billion on sales of $62.2 billion year-to-date.

Procter & Gamble, whose brands include Iams and Eukanuba, also increased its quarterly dividend 14 percent to 40 cents per share, effective May 15.

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