P&G Q2 Earnings Impacted by Gillette Write-Down

Despite the $1.3 billion impairment charge, the company's adjusted earnings per share meet Wall Street expectations.

P&G reported a fiscal second-quarter net income of $3.47 billion, down from $3.93 billion a year earlier, due to a $1.3 billion write-down of its Gillette razor business.
Despite the write-down, P&G's adjusted earnings per share met Wall Street expectations at $1.84, beating the expected $1.70.
Total sales rose by 3% to $21.44 billion, falling short of the expected $21.48 billion.
P&G narrowed its outlook for full-year adjusted earnings per share to a range of $6.37 to $6.43.
The company's gross profit margin improved by 5.2% due to price increases and lower commodity costs.