CINCINNATI - Consumer products maker Procter & Gamble Co. reported Friday that its second-quarter profit jumped 53 percent, boosted by its sale of the Folgers coffee business, but said that sales are slowing in the tough economy.

The company also lowered its earning projections for the full year, citing the economic uncertainty and market volatility.

P&G, whose household brands include Tide detergent, Pampers diapers and Gillette shavers, said net sales fell 3.2 percent to $20.37 billion on lower volume and a stronger dollar. It also said that organic sales - those not related to acquisitions - have slowed below its targets. Analysts had expected revenue of $20.64 billion, according to a Thomson Reuters poll.

The company earned $5 billion for the quarter, compared with $3.27 billion a year earlier. Earnings per share were $1.58, in line with Wall Street expectations, and include a gain of 63 cents per share from the Folgers deal with Orrville, Ohio-based jams and jellies maker J.M. Smucker Co. A year earlier, P&G earned 98 cents per share.

"As expected, this was a particularly challenging quarter," A.G. Lafley, chairman and CEO, said in a statement. "We expect the environment will remain difficult and highly volatile - at least in the near term."

But Lafley expressed confidence that P&G will continue to grow profitably by offering better value and innovation in its brands and managing costs and productivity.

U.S. households have been trimming spending in the recession and some are turning to lower-priced store and generic brands. Among the few bright spots in quarterly sales were continued double-digit growth for P&G's Gillette Fusion shaver and strong sales for Pampers in emerging markets.

As the company had warned in December, its organic sales growth was 2 percent. The company had said then it would miss its target for organic sales of 4 to 6 percent.

P&G said Friday it now expects organic sales to grow by 2 to 5 percent for its full fiscal year ending in June, with total sales growth that will be from flat to down 4 percent.

The Cincinnati-based company said it is "comfortable" with analysts' consensus earnings estimate of $4.29 for its fiscal year. P&G's revised forecast was $4.20 to $4.35 per share, down from earlier guidance of $4.28 to $4.38.

For the current quarter, which ends in March, P&G expects organic sales growth of 2 to 5 percent, with earnings between 78 cents to 86 cents per share. Analysts are projecting a profit of 85 cents per share.

P&G shares fell $2.17, or 3.7 percent, to $56.05 in premarket trading Friday.

A service of YellowBrix, Inc.