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Procter & Gamble Q1 income drops 7% on restructuring, strong dollar

CINCINNATI -- Procter & Gamble says its first-quarter net income fell 7 percent as costs related to a restructuring and the stronger dollar weighed on results.

Adjusted results beat expectations, however, and the world's largest consumer products maker reiterated its annual guidance. Procter & Gamble is in the midst of a plan to cut costs and focus on its most profitable markets and categories.

P&G says net income fell to US$2.81 billion, or 96 cents per share, for the three months ended Sept. 30. That's down from US$3.02 billion, or US$1.03 per share, last year.

Excluding restructuring and European legal charges, its so-called core earnings totaled US$1.06 per share. Analysts expected 96 cents per share.

Revenue fell 4 percent to US$20.74 billion from US$21.53 billion. Analysts expected revenue of US$20.79 billion.

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