P&G says net income fell 7 percent in 1Q

CINCINNATI (AP) - Procter & Gamble Co. says sales of its diapers, shavers and toothpaste increased around the globe, but its first-quarter net income fell 7 percent after the sale of its prescription drug business.

The world's largest consumer products company says net income was $3.08 billion, or $1.02 per share, down from $3.3 billion, or $1.06 a year ago before last October's pharmaceutical sale. Revenue rose nearly 2 percent to $20.1 billion.

Analysts expected earnings of $1 per share on revenue of $20.2 billion. P&G has stepped up marketing, innovation, and rolled out lower-priced product versions to keep budget-watching shoppers buying its big-name brands such as Pampers diapers and Tide laundry detergent.

P&G is based in Cincinnati.

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