) -- The world's biggest consumer-products company,
Procter & Gamble
, said fiscal fourth-quarter earnings fell 18% to $2.47 billion, or 80 cents a share, from year-earlier earnings of $3.02 billion, or 92 cents a share, as sales fell 11% and volumes declined 5%.
Revenue in the quarter was $18.66 billion vs. $20.89 billion in the same period a year earlier. A stronger U.S. dollar reduced net sales by 9%, the company said in a statement Wednesday. Organic sales declined 1% in the quarter.
Analysts surveyed by Thomson Reuters expected P&G to earn 79 cents a share on revenue of $19.32 billion.
Looking ahead to the next quarter, P&G said it expects earnings from continuing operations of 95 cents a share to $1, with organic sales growth of zero to negative 3%. Analysts are estimating earnings of $1 a share. P&G said foreign exchange is expected to cut net sales by about 7%, resulting in net sales down 7% to 10% from the prior year.
The company reiterated it expects fiscal 2010 earnings from continuing operations of $3.65 to $3.80 a share.
-- Reported by Joseph Woelfel in New York