Updated from June 7
Procter & Gamble
, the consumer-products giant behind products like Tide and Folgers, stood by its quarterly sales and earnings forecast on Wednesday.
The company said it still expects its fiscal fourth-quarter earnings to be within a range of 52 cents to 54 cents a share. Analysts on Wall Street are expecting results at the high end of that forecast, according to consensus estimates compiled by Thomson First Call. That would mark a 3% decline from last year's results for the same quarter.
Despite the bottom-line deterioration, P&G expects sales growth of 20% to 24%. The Cincinnati-based company issued its original forecast for the quarter in May.
Shares of P&G were recently up $1.61, or 3%, to $54.85.