Procter & Gamble (PG) posted stronger-than-expected fiscal first quarter earnings Friday and said it would buyack $5 billion in shares but noted organic sales would match its previous guidance range as the consumer brands giant faces trade war headwinds and a stronger U.S. dollar. 

Procter & Gamble sale core earnings for the three months ending in September, its fiscal first quarter, rose 3% to $1.12 per share, topping the consensus forecast of $1.09. Group revenues were essentially flat from the same period last year at $16.7 billion, and the company, but organic sales rose by 4% and the group said it those sale revenues rising in the range of 2% to 3% for its current fiscal year.

"We generated strong consumption, organic volume and organic sales in the first quarter. This keeps us on track to deliver our top- and bottom-line targets for the fiscal year," said CEO David Taylor. "Our focus on superiority, productivity and improving P&G's organization and culture is driving improved results."

Procter & Gamble shares rose 8% in the opening 30 minutes of trading to change hands at $86.60 each, a move that trims its year-to-date decline to around 7% and value the Cincinnati, Ohio-based group at over $200 billion.

The company said unfavorable foreign exchange rates hit quarterly sales by around 3%. The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, rose 0.7% over the three months ending in September and 1.33% against the European single currency.

Billionaire activist investor Nelson Peltz, who was appointed to the consumer brand's board in December, has been pushing for P&G to split into three autonomous units through his Trian Fund Management arm, but insists he's not trying to break up the 180-year old company.