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Procter & Gamble's


fourth-quarter earnings rose 22% on a 20% jump in sales compared with last year as the company capitalized on volume growth and the weak dollar and beat analysts' expectations.

The company earned $1.82 billion, or $1.30 a share, on sales of $13.22 billion in the quarter. Analysts were forecasting earnings of $1.28 a share on sales of $12.92 billion. Sales growth was driven by a 19% year-over-year jump in unit volume, or a 9% jump excluding acquisitions and divestitures. Health care unit volume rose 17%.

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P&G said foreign exchange accounted for 4 percentage points of the year-over-year sales growth, while pricing pressure and product mix kept sales from rising more. Excluding acquisitions and divestitures, sales rose 6% in the latest quarter from a year ago.

The company tempered existing earnings hopes, saying the current third-quarter consensus is "at the top end of net earnings per share expectations," and that earnings will rise 25% in the last two quarters of the year, or 10% on a core basis.

The company is expected to earn $1.06 a share in the third quarter and $4.55 a share in the year ending in June, according to Thomson One Analytics.

P&G forecast organic volume rising by a percentage in the high single digits in the third quarter over last year, with total sales up 14% to 18%. For the fiscal year, total sales are expected to increase 13% to 17%. Analysts expect third-quarter sales of $12.17 billion and full-year sales of $49.78 billion.