Procter & Gamble (PG) is a rare stock, because of its tremendous dividend history.

It is one of just 51 stocks on the list of Dividend Aristocrats, companies with 25+ consecutive years of dividend increases.

Not only is it a Dividend Aristocrat, it is also one of only 19 Dividend Kings—these are stocks with 50+ years of dividend increases.

P&G has paid a dividend for more than 120 years, and has raised it each year for six decades running.

Over that period, every so often P&G has had to re-invent itself. This is one of those times—P&G is in the process of a major portfolio restructuring.

The company is slimming down, to become more efficient, and position itself to return to growth.

The turnaround is gaining momentum. On Wednesday, April 26, P&G released fiscal third-quarter earnings, which showed its turnaround remains on track.

Quarterly Performance Overview

A quick rundown of P&G’s results from its fiscal third quarter:

These results were mixed, in terms of analyst expectations. Earnings-per-share beat estimates by $0.02 per share, while quarterly revenue fell short by approximately $120 million.

Last quarter represented the strongest earnings growth rate for P&G over the past five quarters.

Source: Q3 Earnings Presentation, page 4

P&G generated strong earnings growth for the quarter, thanks to improved efficiency.

One factor that held P&G back last quarter, was unfavorable foreign exchange. The strong U.S. dollar has negatively impacted revenue growth for companies that have high levels of international exposure, such as P&G.

P&G sells its products in more than 180 countries around the world. More than half of P&G’s sales in fiscal 2016 were conducted outside North America.

A stronger U.S. dollar, relative to international currencies, makes exports less competitive with locally-produced goods.