Cincinnati-based consumer goods giant Procter & Gamble has stated that it expects earnings growth for the June 2002 quarter (Q4) to exceed prior guidance behind strong volume performance.

Core earnings per share, which excludes restructuring charges, are expected to grow in  the high teens range and exceed current Wall Street analysts' consensus estimates. This  improvement is after adjusting the base period for comparable accounting treatment for goodwill and intangible assets.

Volume growth is expected to increase by between 9% and 10% behind the Clairol acquisition and strong performances by the beauty care, health care and fabric and home care business units, especially in the US. Excluding the impact of acquisitions and divestitures, volume growth is forecasted to be in the mid single digit range.

Sales, excluding foreign exchange, are expected to finish the quarter with growth in the mid to high single digit percent range. Foreign exchange is forecasted to negatively impact the top line by about 1% to 2%, which is an improvement versus the previous guidance due to recent strengthening in the yen and the euro.

Operating margins for the quarter are expected to grow by about 100 basis points versus the comparative quarter a year ago. This is in line with previous guidance.