Procter & Gamble

(PG) - Get Report

raised its earnings forecast after saying it expects a gain from the sale of the Folgers coffee business to be 63 cents a share, an increase of 13 cents from its previous estimate.

The consumer products company late Monday said it now expects earnings in its fiscal second quarter of $1.58 to $1.63 a share, and fiscal 2009 earnings of $4.28 to $4.38 a share.

Analysts surveyed by

Thomson Reuters

expect earnings of $1.47 a share in the second quarter and $4.18 a share for the fiscal year.

P&G last week completed the sale of Folgers for about $3 billion to

J.M. Smucker

(SJM) - Get Report

.

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