Procter & Gamble 1Q net income dips

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CINCINNATI (AP) -- Procter & Gamble says its first quarter net income fell 7 percent, as costs related to a restructuring and the stronger dollar weighed on results.

Adjusted results beat expectations, however, and the world's largest consumer products maker reiterated its annual guidance. Procter & Gamble is in the midst of a plan to cut costs and focus on its most profitable markets and categories.

P&G says net income fell to $2.81 billion, or 96 cents per share, for the three months ended Sept. 30. That's down from $3.02 billion, or $1.03 per share, last year.

Excluding restructuring and European legal charges, its so-called core earnings totaled $1.06 per share. Analysts expected 96 cents per share.

Revenue fell 4 percent to $20.74 billion from $21.53 billion. Analysts expected revenue of $20.79 billion.