Procter & Gamble quarterly results surpass estimates

Procter & Gamble Co reported better-than-expected quarterly results on Thursday, boosted by strong demand for skincare products Olay and SK-II, as well as fabric and home care products such as Febreze.

Earlier in the day, P&G agreed to buy the consumer health business of Merck KGaA for about 3.4 billion euros ($4.2 billion), giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets.

P&G also announced the termination of its PGT Healthcare joint venture with Teva Pharmaceutical Industries, saying its priorities and strategies were no longer aligned with Teva's.

The company said it is maintaining its full-year organic sales guidance in the range of two to three percent for fiscal 2018, but expects it to be at the low end of the range.

Overall, the company said it expects sales to rise about three percent, including acquisitions and divestitures.

Net income attributable to the company fell to $2.51 billion, or 95 cents per share, in the third quarter ended March 31, compared with $2.52 billion, or 93 cents per share, a year earlier.

Net sales for the world's largest consumer products maker by market value rose 4.3 percent to $16.28 billion, compared to analysts' estimate of $16.21 billion, according to Thomson Reuters I/B/E/S.

Excluding items, the company earned $1 per share, beating analysts' average estimate of 98 cents per share, according to Thomson Reuters I/B/E/S.