Household products giant Procter & Gamble (PG) reported quarterly earnings and revenue on Thursday that beat analysts' expectations.
Procter & Gamble Co. headquarters building in Cincinnati. (AP Photo/Al Behrman, File)The company, which makes household staples such as Bounty paper towels and Tide detergent, reported fiscal second-quarter earnings excluding items of $1.22 per share, up from $1.10 a share a year ago.
Revenue rose to $22.18 billion from $22.14 billion a year ago.
"The consumer is definitely hanging in there. We haven't seen an inflection point in the market growth rates yet, but we also haven't seen any deterioration. So it's reasonably good," Procter & Gamble CFO Jon Moeller told CNBC.
He added: "There are other tailwinds related to the broader macro environment. Much more benign commodity environment than we saw in the last two years. Certainly a better environment from a foreign-exchange standpoint."
(Read more: Netflix CEO Dishes on Company's Blowout Quarter)
Recently, the company has been under pressure from investors, most notably activist investor William Ackman, to streamline its operations. A series of missteps has caused P&G to stumble behind its competitors. (Read more below the video.)
Shares of P&G traded higher in pre-market trading following the announcement. (Click here to get the latest quotes for Procter & Gamble: (PG)
Analysts had expected P&G to report earnings excluding items of $1.11 a share on $21.91 billion in revenue, according to a consensus estimate from Thomson Reuters.
P&G boosted its earnings per share (EPS) guidance for the year to $3.97 to $4.07, versus the prior year's EPS of $3.85.
"Our strong first half results have enabled us to raise our sales, earnings and share repurchase outlook for the fiscal year, while we strengthen investments in our innovation and marketing programs," P&G Chairman, President, and Chief Executive Officer, Bob McDonald said in a statement.
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