Consumer products company

Procter & Gamble

(PG) - Get Report

said earnings in its fiscal second quarter rose 53% to $5 billion, or $1.58 a share, including a sizable gain from the sale of its Folgers coffee business.

The quarter included a gain of 63 cents a share from the Folgers sale completed during the quarter.

Analysts surveyed by Thomson Reuters expected earnings of $1.58 a share.

A year earlier, P&G reported earnings of $3.3 billion, or 98 cents a share.

The company said organic sales in the quarter rose 2% on price increases and a positive product mix. Net sales declined 3% to $20.4 billion on unfavorable foreign exchange and lower volume, the company said Friday.

The company called the quarter "challenging" and said it expects the environment to "remain difficult and highly volatile -- at least in the near term."

For next quarter, P&G said it sees organic sales rising 2% to 5%, while total sales are expected to fall 2% to 7%.

Earnings in the fiscal third quarter are expected to be in the range of 78 cents to 86 cents a share, including Folgers-related restructuring charges.