From Fnno.com, this is the Financial News Network, your source for the latest business news. Here's a few things to watch for in the financial world today August 3.
Procter & Gamble (NYSE:PG) topping profit estimates for the fourth quarter. The consumer products company's net income rose 45% to $3.63 billion or $1.24. Excluding some items, total EPS came in at $0.84, above the $0.77 cent analyst estimate. P&G attributed the higher profit to the price increases of its products over the quarter. The company also reiterated its full year profit forecast for 2013 to $3.80 to $4 a share.
Kraft Foods (NASDAQ:KFT) is another business with higher-than-expected earnings. The food company posted an EPS of $0.68 for the second quarter, higher than the analyst estimate of $0.66. Revenue did fall though to $13.29 billion, below the consensus estimate of $14 billion. A big reason for the drop in revenue came because of the early Easter, with kraft shipping more candy in the first quarter rather than the second. Despite macroeconomic troubles in Europe, Kraft had organic net revenue rise 1.4% in the quarter.
Finally, yet another media company taking a hit on its earnings. Viacom (NASDAQ:VIAB) posted EPS of $0.97 for the third quarter, below the $1 analysts were expecting. The company also had revenue fall 14% year over year to $3.24 billion, also below the $3.49 billion estimate. Viacom attributed the loss in earnings and revenue to lower ad sales in its television business. Their new agreement with DirecTV will help them in the next quarter though, with the contract giving them an extra $600 million annually for the next seven years.
Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com. I'm Chuck Pierce.