Procter & Gamble topped expectations on Friday when the company announced that its profit rose 19 percent in the fourth quarter. It also warned that 2008 results would not meet Wall Street estimates.

P&G also announced plans to repurchase $24 billion to $30 billion of its shares over the next three years, a substantial increase over this past year's repurchase level of $5.6 billion.

Profit for the fourth quarter was $2.27 billion, or 67 cents per share, up from $1.9 billion, or 55 cents per share, a year earlier. Analysts expected the largest U.S. maker of consumer goods to earn 66 cents a share in the period.

Sales rose 8 percent to $19.3 billion, besting analyst forecasts of $19.12 billion.

In face the face of rising energy and commodity costs, the maker of such brands as Gillette, Tide, Crest, and Pampers still managed to increase gross margins by 0.7 percent to 50.8 percent.

Every segment saw organic sales grow during the fiscal year, led by high-single digit growth in the blades and razors, and the fabric and home care businesses.

The company forecast fiscal 2008 earnings of $3.44 to $3.47 per share, which came in under analyst projections of $3.48. For the current first quarter, the company is looking for earnings of 88 cents to 90 cents per share, below the 91 cents hoped for among analysts.

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