Corrected to note that P&G's earnings were for the second quarter, not fourth

  • Procter & Gamble (PG) - Get Report, the consumer products giant, reported second-quarter core earnings of $1.10 a share. Net earnings were $1.69 billion, or 57 cents a share.
  • Revenue was $22.1 billion.
  • Analysts polled by Thomson Reuters expected earnings of $1.08 a share on revenue of $22.19 billion.
  • In the year-earlier second quarter, P&G earned $1.11 a share on revenue of $21.3 billion.
  • Procter & Gamble said net sales in fiscal 2012 are expected to increase 3% to 4%. Core EPS is anticipated at $4 to $4.10. Prior guidance called for core EPS of $4.15 to $4.33 a share. Foreign exchange hurt profit by 15 cents to 18 cents a share, the company said.

NEW YORK (

TheStreet

) --

Procter & Gamble's

second-quarter net sales rose 4% to $22.1 billion led by increases from developing countries.

The consumer products giant saw high-single-digit volume growth in developing countries, offset by mid-single-digit declines from developed areas. Procter & Gamble said it had price increases in all its divisions and geographies in part to help offset higher commodity costs.

The company's baby and family care division posted a sales increase of 6% to about $4.2 billion. Fabric and home care sales rose 5% to $6.6 billion.

Procter & Gamble said it expects earnings in the fiscal third quarter of 81 cents to 87 cents a share; core EPS is estimated at between 91 cents and 97 cents. Earnings during the three months, P&G said, will be impacted by higher commodity costs.

Net sales in the quarter are estimated to be somewhere between flat and up 2%.

For the second half of 2012, Procter & Gamble said it anticipates that commodity cost comparisons will ease and it should see core operating profit improvements. P&G estimates operating profit for the second half of the year will experience double-digit growth.

Shares of Procter & Gamble ticked down 18 cents to $64.62 in premarket trading Friday.

TheStreet Ratings

gives Procter & Gamble an A- grade with a buy rating and

$76.32

price target.

-- Written by Alexandra Zendrian

>To contact the writer of this article, click here:

Alexandra Zendrian

>To submit a news tip, send an email to:

tips@thestreet.com

.

>To follow the writer on Twitter, go to

Alexandra Zendrian

.