NEW YORK (TheStreet) -- Procter & Gamble (PG - Get Report) , the world’s largest consumer products maker, announced a 31% year-over-year decline in fiscal second-quarter profits Tuesday, citing weak international revenue and earnings due to the stronger U.S. dollar.

But that shouldn't deter investors.

One quarter or even one year won't make or break P&G. With shares at about $89 and down 1.66% doe the year to date, investors should buy on any pullback and hold the stock for the long term, while collecting the solid dividend yield of 2.86%.

P&G's disappointing results come on the heels of lower-than-expected fourth-quarter results and weak guidance by rival Kimberly-Clark (KMB - Get Report) , sending the latter's shares tumbling more than 6% last week. So P&G investors were bracing for the worst.

The company's fiscal second-quarter net income fell to $2.37 billion, or 82 cents a share, well below last year's mark of $3.43 billion, or $1.18 a share.

Excluding one-time items, the Cincinnati-based company earned $1.06 a share, 7 cents below estimates, according to Bloomberg.

Prior to Tuesday, P&G, maker of consumer products, including Olay skin care, Pampers diapers and Tide detergent had improved its earnings year over year for eight consecutive quarters. The earnings miss, despite headwinds from the stronger dollar, will raise questions about the company's direction and how quickly its divestment strategy will produce results.

The company has been working to streamline its product portfolio and has divested or discontinued more than half its global brands, including its Duracell battery line, which was acquired in November by Warren E. Buffett's Berkshire Hathaway (BRK-A) for about $3 billion.

At the time, P&G said that it will keep just 70 to 80 brands, and the ones that remain will account for about 90% of its revenue and 95% of its profits. Analysts aren't so sure.

“P&G’s ability to translate innovation into profitable share gain remains unclear,” said Wells Fargo analyst Chris Ferrara on Jan. 22.

Ferrara rates the shares market perform.

To his point, P&G did offer caution with its guidance.

The company said that its expects swings in foreign-exchange currencies to chip into its 2015 revenue and profits by 5% and 12%, respectively.

P&G is forecasting revenue growth to be down 3% to 4% year over year, and that isn't a good sign.

But the reason for the projected decline -- currency headwinds -- does imply a weak business or market share losses.

"We are mobilized to deliver another fiscal year of modest organic sales growth and to continue to grow market share on more category-leading brands," said P&G Chief Executive A.G. Lafley.

P&G stock has gained more than 15% for the trailing 12 months, besting both the Dow Jones Industrial Average (up 9.11%) and the S&P 500 (up 12.22%) during that span.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.