NEW YORK — Even in its current, pre-Wella state, Procter & Gamble Co. reaped a large windfall from its beauty business during the fourth quarter.

The Cincinnati-based consumer products powerhouse reported that net income for the three months ended June 30 rose 4.9 percent to $955 million, or 68 cents a diluted share, from $910 million, or 64 cents in the year-ago period. Excluding restructuring charges, net income in the quarter would have reached $1.22 billion, or 87 cents a share, exceeding analysts’ estimates of 86 cents a share.

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