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Procter &Gamble - CFO)

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| March 01, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From CEOWire)

Byline: Mark Haines

MARK HAINES, CNBC ANCHOR: Procter & Gamble getting in the game. The consumer products company raised its fiscal third quarter and four-year guidance by a penny to two pennies, citing strong volume and sales. The company also declared two-for-one stock split, increased its dividend by 13 percent.

The stock is called (ph) up over $2 in the pre-market. It has almost doubled after hitting a low point in 2001. As you can see, down around 57 and now it`s almost double that. Joining us now with more on the report, another first on CNBC is Clayton Daley Jr., chief financial officer at Procter & Gamble. Good morning, sir. Thanks for being with us. CLAYTON DALEY JR., PROCTER & GAMBLE CFO: Good morning. Nice to be here. HAINES: So - I mean, are people trying to be clearer, or is the dollar? What`s going on here?

DALEY: Well, the unit volume is good. The unit volume has remained strong, remained above our long-term goals. And that`s been driven by a number of our core businesses, fabric and home care, beauty care, health care, as well as very strong performance in developing markets, particularly China. HAINES: Are you finding that you have pricing power?

DALEY: At this point, we price if there are clearly raw material trends that have to be recovered. But in general, our pricing occurs when we have new and improved and innovative products, where a somewhat higher price still represents a good value for the consumer. HAINES: The teeth-whitening product, I assume, would fall into that... DALEY: Yes, sir. HAINES: ...that new and improved.... DALEY: Yes. HAINES: ...that really - it`s done quite well, has it not? I mean, it`s got a huge market share. DALEY: Very well. Our market share of the tooth-whitening segment in the U.S. is around 70 percent, and we`ve had a continuous stream of new products, on whitening products that`s done extremely well for us. HAINES: How much do you spend on R&D?

DALEY: About 4 percent of sales. HAINES: And... DALEY: Which is - tends to be a little bit higher than most of our competitors in the relevant product segments. HAINES: OK. Has the - are you hiring?

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