P&G beats analysts' earnings projections

Consumer products giant Procter & Gamble, with plants in Iowa City and a distribution center in West Branch, posted fourth-quarter and annual earnings that beat analysts' expectations.

The Cincinnati-based company posted net income of $3.7 billion, or $1.24 per share, for the quarter that ended June 30, up 44 percent from $2.5 billion, or 88 cents per share, in the same quarter last year. Analysts surveyed by Reuters had projected earnings of 77 cents per share.

Sales slipped 1 percent in the fourth quarter to $20.2 billion from $20.5 billion in the same quarter a year earlier.

Net income from discontinued operations was $1.5 billion, or 53 cents per share, in the most recent quarter, up from $71 million, or 3 cents per share, in the same period last year.

For the year, the multinational manufacturer recorded net income of $10.9 billion, or $3.82 per share, down 9 percent from $11.9 billion, or $4.12 per share, in the prior fiscal year. Sales rose 3 percent to $83.7 billion from $81.1 billion in fiscal 2011.

P&G said it plans to buy back shares valued at $4 billion this fiscal year. That reverses a position it announced in June when the company said it did not plan any share repurchases.