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Procter & Gamble profit misses consensus by 21.6% in fiscal Q3

Procter & Gamble Co. said its normalized net income for the fiscal third quarter ended March 31 amounted to 72 cents per share, compared with the S&P Capital IQ consensus estimate of 92 cents per share.

EPS rose 7.1% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.09 billion, an increase of 6.7% from $1.96 billion in the year-earlier period.

The normalized profit margin increased to 10.8% from 10.0% in the year-earlier period.

Total revenue declined 7.6% year over year to $18.14 billion from $19.64 billion, and total operating expenses declined 10.1% on an annual basis to $14.69 billion from $16.34 billion.

Reported net income declined on an annual basis to $2.44 billion, or 85 cents per share, from $2.50 billion, or 87 cents per share.