CINNCINNATI (AP) - Procter & Gamble Co. says its third-quarter net income slipped 16 percent as price increases and an uptick in revenue did not offset high costs for raw material and others related to a restructuring.
The company also gave guidance that fell short of expectations and shares slipped 2 percent.
The maker of Tide detergent and Olay skin cream says net income fell 16 percent to $2.41 billion, or 82 cents per share. That compares with $2.87 billion, or 96 cents per share last year.
Excluding costs related to a cost-cutting plan, net income was 94 cents per share, a penny higher than analysts expected.
Consumer product companies have been raising prices to deal with higher costs for materials like fuel and packaging.
Revenue rose 2 percent to $20.19 billion.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
