Procter & Gamble’s 2nd-qtr profits down, sales rising

P&G 2Q sales rise

CINCINNATI — The Procter & Gamble Co. sees recession-pinched households responding to price cuts, promotions and new versions of its products, as the maker of Pampers diapers and Gillette shavers says its sales are growing.

The Cincinnati-based company says sales rose 6 percent for its second quarter. The growth is a turnaround from sales slumps amid the recession.

The world’s largest consumer products maker says it earned $4.66 billion, or $1.49 per share, with sales of $21 billion. Earnings got a 47-cent boost from the sale of P&G’s prescription drug business.

Analysts expected $1.40 a share on $21.07 billion in sales.

Profit fell 7 percent, when earnings were boosted by P&G’s sale of Folgers coffee.