Procter & Gamble cuts FY14 guidance due to forex, shares -0.8% AH

|About: The Procter & Gamble Company (PG)|By:, SA News Editor

Citing forex volatility in Venezuela, Argentina, Turkey, and elsewhere, Procter & Gamble (PG) is lowering its FY14 (ends in June) revenue growth guidance range to 0%-2% from a prior 1%-2%, and its core EPS growth guidance range to 3%-5% from 5%-7%. (PR)

Excluding forex, P&G still expects 3%-4% organic revenue growth and 12%-14% core EPS growth in FY14.

P&G also says it expects to incur a $230M-$280M ($0.08-$0.10/share) charge due to the impact of Venezuelan government currency policy changes on the company's local balance sheet.