Procter & Gamble ( PG) raised the low end of its third-quarter earnings estimate Monday but said core sales growth in the period could be slightly weaker than expected. P&G expects to earn 59 cents to 61 cents a share in the quarter ending this month, up from the range of 58 cents to 61 cents a share it offered with its first-quarter earnings report. Analysts surveyed by Thomson First Call were expecting earnings of 61 cents a share in the quarter. The company, which completed a merger with Gillette last year, expects overall sales growth to be toward the midpoint of its 20% to 23% growth range in the quarter. It put "organic sales" growth, which excludes the impact of acquisitions, divestitures and foreign exchange, at up 5% to 6% -- at the upper end of the company's target of 3% to 5%, but below the 5% to 7% range it previously gave. "Market share is growing in businesses representing about two-thirds of global sales, and the revised organic sales growth range reflects recent customer inventory reductions and tempered outlooks for Asia and Eastern Europe for the quarter," the company said. "The contribution to sales growth from the Gillette acquisition is in line with previous expectations as strong results of the new Fusion razor in the U.S. are offsetting high base-period comparisons in international markets. In total, acquisitions and divestitures are expected to add 17% to 18% to sales growth for the quarter," P&G said. The company also noted that it still expects pricing and mix to add 1% to sales growth and foreign exchange to reduce sales growth by 2%. P&G also raised its quarterly dividend to 31 cents from 28 cents. In after-hours trading, the stock eased 38 cents, or 0.6%, to $61.60.