Procter & Gamble Backs Outlook

The company expects fourth-quarter earnings of 52 cents to 54 cents a share.
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Updated from June 7

Procter & Gamble

(PG) - Get Report

, 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.