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UPDATE 2-P&G delivers profit, sales beat amid activist pressure

(Adds outlook, comments from Peltz and P&G CEO; updates shares)

July 27 (Reuters) - Procter & Gamble Co, which is under pressure from activist investor Nelson Peltz, reported another quarter of market-beating quarterly profit, helped by cost-cutting, and forecast a full-year profit that topped estimates.

The Tide detergent and Gillette razor maker's shares were up 2.4 percent at $91.45 in premarket trading on Thursday.

P&G's report comes amid rising pressure from investors, including Peltz, to prop up its stock price and sales, which have lagged those of peers such as Unilever Plc.

Peltz, who owns a $3.3 billion stake in the company through his Trian Fund Management LP, is seeking a board seat.

While P&G's organic sales rose 2 percent in the latest quarter, Unilever's increased 3 percent in the same period. P&G's shares, which have risen 6 percent this year, have also lagged the S&P 500, which is up 10.7 percent.

"While P&G says it is addressing the underperformance issue, shareholders have heard similar promises in the past and results have not materially improved," Peltz said in a statement following the report.

P&G's net sales were flat at $16.08 billion in the quarter.

Growth in organic sales, which excludes acquisitions and foreign exchange rates, were boosted by a 5 percent rise in sales in its beauty segment, which sells brands such as SK-II and Olay, and fabric & home care segment, which sells brands such as Febreze.

The company has focused squarely on cutting costs as overall sales have remained stagnant. Selling, general and administrative expenses fell 7 percent in the quarter.

Continuing cost-cutting efforts are expected drive a 5 percent to 7 percent growth in full-year adjusted profit, which translates to $4.12-$4.19 per share. Analysts on average are expecting $4.11 per share, according to Thomson Reuters I/B/E/S.

"Achieving our objectives will not only require continued focus as an organization, but also that we prevent anything from derailing the work that is delivering improvement," P&G's Chief executive David Taylor said in a statement.

Net income attributable to the company rose to $2.22 billion, or 82 cents per share, in the three months ended June 30, from $1.95 billion, or 69 cents per share, a year earlier.

Excluding items, the company earned 85 cents per share.

Analysts on average were expecting 78 cents per share and revenue of $16.02 billion, according to Thomson Reuters I/B/E/S. (Reporting by Siddharth Cavale in Bengaluru; Editing by Martina D'Couto and Saumyadeb Chakrabarty)