The Procter & Gamble Company (PG – Analyst Report) enjoys strong brand recognition with its consumer products sold in more than 180 countries. Its 21 Billion Dollar Brands like Tide, Pampers, Oral-B, that generate$1 billion to over $10 billion in sales annually, are some of the world’s most commonly used household names.

However, the company operates in a challenging environment where market growth rates are constantly decelerating, mainly due to slow growth in developing markets. It has been struggling to grow sales which has been overshadowing its relatively better margins. Significant negative Fx impact, weak volumes, planned exit of unprofitable businesses and macroeconomic headwinds in many key markets have been hurting sales.

Nevertheless, P&G is in the process of turning around its business through divesture of underperforming brands, aggressive cost savings, making focused investments in innovation and go-to-market capabilities and improved execution.

Investors should also note the recent earnings estimate revisions for PG, as the consensus estimate has been moving lower. However, PG has a decent earnings history. P&G has delivered positive earnings surprise in three of the past four quarters, making for an average earnings surprise of 4.42%.

Currently, PG has a Zacks Rank #3 (Hold), but that could definitely change following P&G’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: PG reported core earnings of $1.04 per share, beating our consensus estimate of 98 cents/share. Investors should note that these figures take out stock option expenses.

Revenues: PG reported revenues of $16.92 billion. This missed our consensus estimate of $16.96 billion.

Key Stats to Note: Organically (excluding the impact of acquisitions, divestitures, foreign exchange and Venezuela deconsolidation), revenues rose 2%, better than a decline of 1% in the previous quarter.