International Equities-Procter & Gamble lifts markets

Procter & Gamble Co. on Tuesday raised its fiscal 2007 earnings outlook to a range of $2.99 to $3.03 a share, up from a prior target of $2.97 to $3.02. Analysts' average estimate stands at $3.02 a share, according to Thomson Financial. Organic sales, or sales excluding acquisitions, divestitures and currency exchange, are expected to grow 5% to 6%, up from a prior expectation of 4% to 6%. P&G, of Cincinnati, also set a third-quarter earnings target at 72 cents to 74 cents a share.

The Chicago Mercantile Holdings Inc. said fourth-quarter earnings for the three months ended Dec. 31 rose 35% to $103 million, or $2.91 a share from $76.3 million, or $2.18 a share in the year-ago period. Revenue climbed to $281.3 million from $222.5 million. Analysts surveyed by Thomson First Call forecast earnings of $2.98 a share and revenue of $286.9 million, on average. The company's purchase of the Chicago Board of Trade is expected to close in the middle of the year.

The Pepsi Bottling Group Co. said its fourth-quarter net profit rose 80% to $133 million, or 55 cents a share, from $74 million, or 30 cents a share. Revenue rose 2.8% to $3.77 billion. The company said it benefited from a 22 cents-a-share gain from the reversal of tax reserves and was also hit by a 5 cents-a-share expense from share-based payment charges. Analysts polled by Thomson Financial were expecting earnings of 32 cents a share on revenue of $3.75 billion. The company said revenue growth was driven by a 2% rise in worldwide physical case volumes, with revenue per case up 3%. Pepsi Bottling said it expects 2007 earnings to be in a range of $1.92 to $2.00 a share, excluding the impact of an accounting standard on uncertain tax positions. Analysts were expecting 2007 earnings of $1.97 a share on average. Worldwide case volumes are expected to grow 1% to 2% in 2007, the company added.

3M Inc. said fourth-quarter net income jumped 58% to $1.18 billion, or $1.57 a share, after a $354 million, or 47 cents a share, gain from selling its pharmaceutical business. Sales rose 9% to $5.78 billion, or up 6.5% in local currencies. Analysts polled by Thomson Financial expected earnings of $1.14 on revenue of $5.76 billion. The company expects 2007 earnings per share between $5.20 and $5.45 a share, or between $4.60 and $4.75 on an adjusted basis. The 2007 adjusted guidance includes 21 cents of stock option expenses. Analysts expected adjusted 2007 earnings of $4.99 a share.