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Procter & Gamble's Second-Quarter Net Rises 9%

Higher sales and lower costs boost the bottom line.
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Procter & Gamble

(PG) - Get Report

said higher sales and cost cuts helped it boost earnings by 9% in its fiscal second quarter.

The consumer products giant earned $1.3 billion, or 93 cents a share, in the quarter, up from $1.19 billion, or 84 cents a share, last year. Core earnings were $1.03 a share, in line with analysts' estimates, while sales rose 2% to $10.3 billion.

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P&G said it expects earnings before items to rise at a high-single-digit percentage rate in the March quarter, based on strong sales volume growth and cost savings. Analysts on average were forecasting a 5% increase.

The company expects sales volume to rise at a high single-digit percentage rate in the third quarter, with sales rising in the mid-single digits, excluding foreign exchange.