P&G Earnings Dip; Forecast Raised

Updated from 7:20 a.m. EDT

CINCINNATI (TheStreet) -- Procter & Gamble(PG Quote) reported a slight decrease in fiscal first-quarter earnings but raised its outlook for the second quarter and for fiscal 2010 organic sales on modestly higher expectations for market growth.

The consumer-goods giant posted first-quarter earnings of $3.31 billion, or $1.06 a share, compared with year-earlier earnings of $3.35 billion, or $1.03 a share.

Analysts surveyed by Thomson Reuters estimated first-quarter earnings of 99 cents.

Revenue in the quarter fell 6% to $19.81 billion, while organic sales rose 2%,

The company updated its fiscal 2010 earnings guidance to $4.02 to $4.12 a share and core earnings to $3.47 to $3.59 a share by raising the low end of its previous guidance ranges by 3 cents.

-- Reported by Joseph Woelfel in New York .

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