Procter & Gamble posted higher quarterly profits that were in-line with expectations on Friday, as the world's largest household products maker benefited from some growth overseas, cost cuts, and a lower tax rate. Chief Financial Officer Jon Moeller told CNBC right after the release: "We're right on track."
The maker of Pampers diapers and Tide detergent also said it expects to see strong earnings growth in the second half of the year, with full-year adjusted earnings expected to rise 5 percent to 7 percent. "We're [also] able to reconfirm guidance for 3 to 4 percent organic sales growth on the fiscal year," Moeller said in a "Squawk Box" interview.
After the earnings announcement, the company's shares declined slightly in premarket trading. (Click here to get the latest quotes for P&G.) The stock has been around all-time highs.
P&G posted fiscal first-quarter earnings excluding items of $1.05 per share, down slightly from $1.06 a share in the year-earlier period. Revenue came in at $21.21 billion.
Analysts had expected the company to report earnings excluding items of $1.05 a share on $21.05 billion in revenue, according to a consensus estimate from Thomson Reuters.
"Organic sales growth came in at 4 percent" for the quarter, Moeller said. "We grew 8 percent in developing markets. We also grew in developed markets. The U.S., which is the largest consumer products market, we grew 2 percent. We grew 11 percent in Japan."
He said he has not seen a bottoming in Europe yet, "but it hasn't gotten much worse either. It seems to us to be going a bit sideways. So hopefully that turns positive soon."