Gillette Shares Surge on Profit Gain
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Shares of Gillette Co. surged to their highest level in more than a year after the company reported third-quarter profit that handily beat analysts’ expectations, thanks to strong blade and razor sales.
Boston-based Gillette, which also makes Duracell batteries, reported net income of $416 million, or 41 cents a share, up from $354 million, or 33 cents, a year ago. Analysts surveyed by Thomson First Call had expected profit of 36 cents a share.
Sales rose 11% to $2.4 billion, driven by a 17% jump in blade and razor sales to $1.03 billion.
The company’s shares rose $1.65 to $34.15 on the New York Stock Exchange.
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