Procter & Gamble Co.'s earnings increased 6 percent in the second quarter despite a 4 percent sales decline. The results disclosed Tuesday slightly beat Wall Street expectations, and its stock rose 5 percent.

        The Cincinnati-based consumer products giant earned $1.19 billion, or 84 cents per share, for the quarter ended Dec. 31, versus $1.13 billion, or 78 cents per share, a year earlier.

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        Excluding a $120 million after-tax charge for P&G's Organization 2005 restructuring program, earnings totaled $1.31 billion or 93 cents per share compared with $1.26 billion and 88 cents last year.

        The core net earnings of 93 cents per share topped the 92 cents analysts surveyed by First Call/Thomson Financial had expected.

        In morning trading on the New York Stock Exchange, Procter shares were up $3.50 a share, or 5.24 percent, to $70.35.

        A year ago, P&G's failure to meet quarterly earnings projections made 2000 one of the most turbulent in P&G's history and eventually prompted the company to oust chief executive Durk Jager in favor of Alan G. Lafley.

        Lafley said Tuesday's earnings report was a step toward consistency, but he still wants to get P&G back to double-digit annual increases in earnings per share.

        “We delivered the earnings per share results we said we would — for the second quarter in a row. Still, we can and must do better,” Lafley said.

        Global sales totaled $10.2 billion for the second quarter, down by 4 percent from $10.6 billion a year earlier.

        The number of products shipped was down 2 percent from the previous year when introduction of new brands and expansion of established brands helped the results, the company said.

        For the first six months of P&G's fiscal year, earnings were $2.35 billion, or $1.66 per share, up by 3 percent from last year's $2.27 billion, or $1.58 a share. Sales totaled $20.15 billion, off 2 percent from last year's $20.5 billion.

        Excluding the Organization 2005 restructuring expense, earnings totaled $2.55 billion and $1.81 per share against the previous year's $2.53 billion and $1.76.

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