Procter & Gamble Co. (NYSE: PG) reported first-quarter fiscal 2014 results before markets opened Friday morning. The consumer products maker posted adjusted diluted earnings per share (EPS) of $1.05 on revenues of $21.21 billion. In the same period a year ago, the company reported EPS of $1.06 on revenues of $20.74 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.05 EPS and $21.05 billion in revenues.

On a GAAP basis, the company reported EPS of $1.04, compared with $0.96 in the first quarter a year ago. Adjusted earnings do not include a restructuring charge of $0.02 per share and a gain of $0.01 per share due to rounding.

P&G guided organic revenue growth at 3% to 4% for the full 2014 fiscal year, while all-in growth is reckoned at 1% to 2%, including a 2% negative impact from currency translation effects. Adjusted earnings are expected to rise 5% to 7% for the year and adjusted EPS are expected to rise 7% to 9%.

The company posted full-year 2013 EPS of $4.05, so given the forecast, current year EPS should be in a range of about $4.33 to $4.41, compared with a current consensus estimate of $4.28. Fiscal 2013 revenues totaled $84.17 billion, and the forecast, including the negative impact of currency exchange effects, implies 2014 revenues in a range of about $85.01 billion to $85.85 billion, compared with a consensus estimate of $85.72 billion.

Second-quarter earnings are forecast to include a gain of $0.07 per share from the sale of the company’s European bleach business, and currency translation effects are expected to match those in the first quarter. P&G expects “strong” earnings growth in the second half of the 2014 fiscal year on additional top-line growth, productivity savings and improved currency exchange rates.

The company’s CEO said:

We have good market share momentum, a number of strong innovations coming to market over the balance of the year, and cost savings from productivity efforts that will continue to build. We remain focused on driving innovation and productivity. We continue to improve operating discipline and execution every day to create value for consumers and shareowners.

P&G shares were up about 0.1% in premarket trading Friday, at $80.69 in a 52-week range of $65.83 to $82.54. Thomson Reuters had a consensus analyst price target of around $85.75 before this report.

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