updated 4/30/2009 8:07:19 AM ET 2009-04-30T12:07:19

A worldwide drop in consumer spending shaved almost 4 percent from Procter & Gamble Co. profit in the fiscal third quarter, the world's largest consumer products maker said Thursday.

P&G said it earned $2.61 billion, or 84 cents per share, compared to $2.71 billion, or 82 cents per share, a year ago.

Earnings per share reflected fewer shares outstanding after J.M. Smucker Co. took over P&G's Folgers coffee business in a $2.95 billion stock deal last year.

Revenue dropped 8 percent, to $18.42 billion, also hurt by the stronger U.S. dollar. Analysts expected earnings of 80 cents per share on revenue of $18.9 billion.

P&G has been promoting its well-known brands such as Tide detergent, Pampers diapers and Gillette shavers by emphasizing value as well as cutting costs.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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