Procter & Gamble said quarterly earnings rose 14 percent, on strong sales growth. But the largest American consumer goods company also forecast profits for the full-year that fell short of some estimates.

The company earned $3.08 billion, or 92 cents per share, compared with $2.70 billion, or 79 cents per share, in the quarter a year earlier. Revenue, driven by sales of Gillette razors and Pampers diapers, rose nearly 8 percent, to $20.20 billion. "Organic sales," which exclude the effects of acquisitions, sales, and currency fluctuations rose 5 percent in the quarter.

The weaker dollar was expected to help Procter & Gamble, allowing it to price its products more competitively abroad at a time when commodity costs are rising.

For the quarter, the weaker dollar overseas accounted for 3 percentage points in the sales increase.

Some investors were expecting more.

"People were setting up for better quarter because of the tailwind from the weaker dollar,'' Walter Todd, a principal in Greenwood Capital Associates, told Bloomberg News. "It was mildly disappointing.''