Consumer-products maker Procter & Gamble ( PG) raised its quarterly profit forecast after the close Wednesday, citing the strength of its health care division and developing markets. The Cincinnati-based company said it expects second-quarter earnings growth to be in the high single digits, up from the previous forecast for mid-to-high single-digit growth. In the same period last year, the company posted a net profit before certain items of $1.03 a share on revenue of $10.4 billion. Wall Street analysts are expecting the company to earn $1.10 a share in the second quarter on revenue of $11.1 billion, approximately 5% EPS growth. Operating margin growth for the quarter is expected to be at the upper end of the previous guidance range of 100 to 150 basis points, bolstered by gross margin expansion and reduced overhead expenses. For the fiscal year ending in June 2003, the company expects to hit its long-term growth targets. Full-year 2003 earnings growth is expected to grow in the double digits. The shares were up $1.04, or 1.2%, at $88.50 in after-hours trading on Instinet.