Consumer goods giant Procter & Gamble has lifted its full-year and second quarter profit guidance due to a higher-than-expected gain on the sale of its Folgers coffee business.

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JM Smucker is acquiring P&G’s Folgers unit in a US$2.95bn stock deal.


In an announcement late yesterday (10 November) the company said it expects the gain from the sale of the coffee business to total $0.63 per share, up from a previous prediction of $0.50 per share.


Proctor & Gamble said that it now anticipates second-quarter earnings per share to fall in a range of $1.58 to $1.63. Full-year earnings are expected to total between $4.28 and $4.38.


Previous guidance for the December quarter saw earnings of between $1.45 and $1.50 per share. Its prior EPS forecast for fiscal 2009 was $4.15 to $4.25.

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The end gain on the Folgers sale will be announced with the company’s second-quarter results on 30 January.