However, P&G's sales declined for the seventh quarter in a row as higher prices weighed on volumes and as the company consolidates its product portfolio to focus on faster-growing brands.
P&G's organic sales – sales excluding acquisitions, divestments and currency impact – increased 1% in the third quarter ended March 31.
But, analysts have warned that the Cincinnati-based company's reliance on price hikes, rather than volume growth, to boost organic sales would be unsustainable.
The company now expects full-year core earnings to fall 3-6%, compared with the decline of 3-8% it had estimated in January.
The company said volumes fell in all businesses, except in the baby, feminine and family care business. Overall volumes declined 2%, in part as P&G decoupled Venezuela results from the total.
P&G's net revenue fell 7% to $15.76bn. Analysts were expecting revenue of $15.81bn.
P& G shares were down 2.2% at $79.63.