Skip to comments.P&G set to cut more jobs, repurchase additional shares
Posted on 11/15/2012 9:01:21 PM PST by knak
Procter & Gamble plans to trim more non-manufacturing jobs through 2016, on top of cutting 10 percent of that workforce by the end of June, as the world's largest household-products maker tries to reinvigorate what has become a sluggish organization.
P&G also said it may increase stock repurchases to $6 billion from $4 billion, but said such additional buybacks should not have a big impact on earnings per share. The company maintained the forecasts for sales and earnings for the current quarter and the fiscal year it had given in late October.
P&G remains on track to eliminate about 5,700 non-manufacturing jobs by the end of this fiscal year, which will end in June. It now plans to reduce another 2 percent to 4 percent of its non-manufacturing jobs each year during fiscal 2014, 2015 and 2016.
"These are all continued steps in the right direction, but we wish they had taken bolder ones like even more aggressive cost-cutting," said Sanford Bernstein analyst Ali Dibadj, who attended P&G's bi-annual analyst meeting at the company's Cincinnati headquarters on Thursday.
Shares of P&G, a component of the Dow Jones industrial average <.DJI>, were down 0.2 percent at $66.38 in afternoon trading on the New York Stock Exchange.
(Excerpt) Read more at 4-traders.com ...
All part of Barry Benghazi’s “Hope and Change II” - The Do Over.”
Obamanation Communism File.
Problem with these layoffs is that they will not be able to find a job, go on unemployment and food stamps. Eventually out of desperation they will go Democrat.
Company after company after company is being forced to cut employees. Every time I refresh the thread page there's another company being forced to downsize. Jobs are falling over like dominoes!
I’ve been tracking them and adding up the numbers.
It’s just a hair under 70,000 jobs lost since the election.
God know how many weren’t announced.
The other number we will probably never know is how many now vacant positions would have been filled if Romney would have been elected. I know of three small local firms that have had a total of 10 vacancies for the last several months that won’t be filled.
Firings rapidly increasing; highest since 2012
Seven unemployment forces at play
Without disability fraud unemployment would be at 12%
Sadly no, lost opportunities are invisible.