P&G Reduces Quarterly Sales Outlook

Procter & Gamble(PG Quote) said Thursday it's currently on track to meet its earnings guidance for the fiscal second quarter and fiscal 2009, but said organic sales in the quarter would fall below its previous estimates.

The consumer products company continues to expect earnings of $1.58 to $1.63 a share in the quarter and $4.28 to $4.38 a share for the fiscal year.

Analysts surveyed by Thomson Reuters expect P&G to report earnings of $1.58 a share in the second quarter on revenue of $21.4 billion, and fiscal 2009 earnings of $4.28 a share on revenue of $84.4 billion.

P&G said organic sales will increase less than expected because of "reductions in retailer, distributor and consumers' in-home inventories in both developed and developing markets."

For the fiscal year, P&G said it expects to deliver organic sales growth in the range of 4% to 6%, consistent with previous guidance.

The company, which makes Crest toothpaste, Pringles potato chips and Pampers diapers, is holding its analyst meeting Thursday in New York, beginning at 8:30 a.m. EST.