P&G tops 2Q profit forecasts

This July 9, 2015, file photo, shows signage outside Procter & Gamble corporate headquarters in downtown Cincinnati. Procter & Gamble reports quarterly financial results, Tuesday, Jan. 26, 2016. AP

CINCINNATI — Procter & Gamble Co. (PG) on Tuesday reported fiscal second-quarter earnings of $3.21 billion.

The Cincinnati-based company said it had profit of $1.12 per share. Earnings, adjusted to account for discontinued operations, were $1.04 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.

The world’s largest consumer products maker posted revenue of $16.92 billion in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $16.96 billion.

P&G shares have fallen 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined 8 percent. The stock has dropped 15 percent in the last 12 months. TVJ