UPDATE: Procter & Gamble Reports Downbeat Q3 Earnings; Shares Drop In Pre-Market Trading

Procter & Gamble Co PG reported its results for the third quarter on Thursday. The company's quarterly profit increased to $2.87 billion, or $0.96 per share, from $2.59 billion, or $0.83 per share, in the year-ago period. The company's sales rose 5% to $20.23 billion. However, analysts were expecting earnings of $0.97 per share on sales of $20.24 billion PG projects 2011 core earnings of $3.91 to $3.96 per share, versus analysts' estimates of $3.96 per share. Shares of P&G fell 1.59% to $63.00 in pre-market trading. Read more from Benzinga's Company news.