P&G, Coca-Cola report higher profits

Procter & Gamble and Coca-Cola reported higher quarterly profits Tuesday, lifted by premium consumer items at Procter and new beverage offerings at Coca-Cola.

P&G, whose brands include Bounty paper towel and Crest toothpaste, reported profits of $2.7 billion in its fiscal third-quarter, up 9.3 percent from the year-ago period.

Revenues rose 1.1 percent to $16.5 billion. P&G scored a solid five percent increase in "organic" sales, which strips out foreign exchange effects and divestitures.

The company pointed to strength in higher-end cosmetics, toothpaste and detergent, among other items. This group of products includes "Tide Pods," which combine a traditional detergent with stain removers and brighteners.

P&G typically boosts prices when it introduces premium products, lifting profits.