Shares of Procter & Gamble ( PG ) dipped Thursday morning after the consumer goods giant's fiscal third-quarter sales came in below analysts' estimates and it cut its full-year outlook.

The parent of Tide laundry detergent, Bounty paper towels, and dozens of other brands reported core, or adjusted, earnings per share (EPS) of $1.54 on sales of $19.78 billion. Analysts polled by Visible Alpha had forecast $1.53 and $20.20 billion, respectively.

Net sales declined in P&G's Beauty, Grooming, Fabric & Home Care, and Baby, Feminine & Family Care segments, while they were flat in the Health Care division.

CEO Says Outlook Lowered 'To Reflect Underlying Market Conditions'

P&G trimmed its full-year outlook, with sales expected to be "approximately in-line" year-over-year, while core EPS is expected to grow 2% to 4%. Last quarter , the company affirmed its fiscal 2025 guidance of 2% to 4% sales growth and core EPS increasing by 6% to a midpoint of $6.98.

"We're making appropriate adjustments to our near-term outlook to reflect underlying market conditions while remaining confident in the longer-term growth prospects for our brands and the markets where we compete," CEO Jon Moeller said.

P&G shares were down more than 3% shortly after markets opened. They entered the day down just over 1% since the start of the year.

UPDATE—This article has been updated with the latest share price information.

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