P&G earnings meet, revenues miss; to exit Duracell

P&G reports Q3 results

Procter & Gamble reported quarterly earnings that met analysts' expectations on Friday, but revenue fell a bit short. The consumer products giant also said it would split off its Duracell battery business into a separate company.

P&G Chief Financial Officer Jon Moeller told CNBC, moments after the release, the Duracell move is part of a larger effort: "We're strategically focusing the portfolio on about 70 or 80 brands across four industry groups and 12 categories."

"We'll be going down between 90 and 100 brands," he continued. "Through the last five quarters, we've either divested, discontinued, or chosen to consolidate about 25 brands. So we're well along this path." The company sold its European pet food business to Spectrum brands in September, following P&G's earlier sale of the bulk of its pet food division to candy maker Mars in April.

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On Friday, the company reported fiscal first-quarter earnings excluding items of $1.07 per share, up from $1.04 a share in the year-earlier period. Revenue slipped to $20.79 billion from roughly $21.21 billion a year ago.

Wall Street had expected P&G to report earnings of $1.07 a share on roughly $20.83 billion in revenue, according to a consensus estimate from Thomson Reuters.

Shares of the Dow stock moved higher in premarket trading following the report. (Get the latest quote here.)

Procter & Gamble's Scope mouthwash
Daniel Acker | Bloomberg | Getty Images

"We've had some slowdown in market growth rates and our [sales] guidance for the year is actually low singles, low-to mid-singles [digits]," Moeller said on "Squawk Box" Friday.

Going forward, P&G said it expects significant negative sales and earnings impacts from foreign exchange fluctuations in the October-to-December quarter. The company maintained its outlook for core earnings per share growth in the range of mid-single digits.

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Meanwhile, the head of P&G's North American business, Melanie Healey, will retire next June as part of a plan to assemble a new executive team, the company said on Wednesday. According to an internal memo published by The Wall Street Journal, she will be replaced by another P&G executive, Carolyn Tastad. Four other executives will leave the company, narrowing the field of potential successors to Chief Executive A.G. Lafley. P&G also recently announced that Vice Chairman Werner Geissler will also retire in December.

"We're taking advantage of some normal retirements and normal attritions to build the structure of the management team to operate this more-focused, more-strategic company," Moeller said. "The size of our management team will be equal when we're finished with this to what it was in 2000. The company will be twice as big."

He jokingly said "no comment" when asked if he's being considered or would want to take the CEO reigns from Lafley.

CNBC's Terri Cullen and Robert Ferris, and Reuters contributed to this article.