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P&G slumps, despite 6% gain in profit

P&G, whose products include Tide and Crest, owns Boston-based Gillette.
Getty Images for Gillette
P&G, whose products include Tide and Crest, owns Boston-based Gillette.
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Third-quarter net income at Procter & Gamble Co., the largest consumer products maker, rose 6 percent to $2.57 billion. But P&G’s fourth-quarter outlook fell short. It projects net income of 69 to 77 cents per share, not the 82 cents analysts expect. For the year, P&G expects $3.96 to $4.04; analysts said $4.37. The company blamed a mixed response to new products and “choppy’’ market conditions. The stock had been up 22 percent since the beginning of the year.