The company reported earnings of $2.61 billion, or 90 cents a share, up from $2.57 billion, or 88 cents a share, in the same period one year earlier. Core earnings per share, excluding restructuring charges, increased 5% to $1.04, which beat the $1.01 expectation of analysts polled by Thomson Reuters I/B/E/S.
But P&G's net sales stayed flat at $20.6 billion, while organic sales increased 3%. Organic sales in the fabric care and home care section, which generates almost one third of sales, rose 6%. Sales in grooming, P&G's most profitable division, ticked upward 1%, while sales in the struggling beauty division rose 2%.
P&G did not change its fiscal 2014 forecasts, as it still anticipates organic sales to grow 3% to 4% and core earnings to increase 5% to 7%.
The stock was down 0.94% to $79.85 at 10:13 a.m. on Wednesday.
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Separately, TheStreet Ratings team rates PROCTER & GAMBLE CO as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROCTER & GAMBLE CO (PG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."