Procter & Gamble said that it still expected to meet its financial forecasts for the current quarter, easing worries that sales might slow down.
The company, whose products include Gillette razors, Pampers diapers and Tide laundry detergent, said it should earn 64 cents to 66 cents a share in its fourth quarter, which ends in late June. Analysts on average expect profit of 66 cents a share, according to Reuters Estimates.
While the company's forecast still suggests that its profit could miss Wall Street's expectations, investors were pleased with the affirmation, sending shares of P&G up slightly. In early afternoon trading Tuesday, P&G was the only Dow Jones Industrial Average component stock that stood in positive territory.
"We view the reiteration of both sales and profit outlooks as a positive," Morgan Stanley analyst Bill Pecoriello wrote in a note to clients.