NEW YORK (TheStreet) -- Procter & Gamble Co. (PG) - Get Report stock is rising by 1.76% to $78.20 in pre-market trading on Tuesday, after the company reported better than expected earnings for the fiscal 2016 second quarter. Revenue fell short of estimates.

The Cincinnati-based consumer goods manufacturer reported earnings of $1.04 per share for the quarter ended December 31, beating estimates by 6 cents.

Revenue declined by 9% year-over-year to $16.92 billion for the latest quarter, just below estimates of $16.94 billion because of a negative impact from foreign exchange rates. Revenue was impacted by the deconsolidation of Venezuelan businesses and other brand divestitures.

"With the top-line improvement and continued cost reduction, we delivered solid core operating income and EPS growth in the face of significant macro-economic and geopolitical headwinds," CEO David Taylor said in a statement.

Procter & Gamble expects its sales to continue to decline in the high-single digits for fiscal 2016, with the negative impact of foreign exchange rates accounting for about seven percentage points.

Separately, Procter & Gamble has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's increase in net income, expanding profit margins, largely solid financial position and growth in earnings per share.

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You can view the full analysis from the report here: PG

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