Procter & Gamble Profit Up 6% but Its Forecast Disappoints

But its fourth-quarter forecast fell short of Wall Street’s expectations as a result of a mixed response to new products and what the company called “choppy” market conditions that led to modest revenue gains.

Shares of the company, which makes products like Tide detergent and Crest toothpaste, fell $4.82, or 5.9 percent, to $77.12 on the weak outlook.

The company is in the middle of a turnaround plan introduced in February 2012. That plan is an attempt to regain market share that the company lost during its aggressive bid to expand in emerging markets like China and India, where P.& G. gets about 40 percent of its revenue. The company’s operations suffered during the expansion.

The company’s plan focuses on its 20 biggest new products, like Tide Pods liquid detergent capsules, and its 10 most profitable emerging markets. P.& G. has also been conducting a major cost-cutting effort aimed at saving $10 billion by 2016. The company is also focusing on introducing new products

P.& G. said its net income for the third quarter rose to $2.57 billion, or 88 cents a share. That compares with net income of $2.41 billion, or 82 cents a share, last year.

Excluding one-time charges, earnings were 99 cents a share. Analysts expected 96 cents, according to FactSet.

Revenue rose 2 percent to $20.6 billion, falling short of analysts’ expectations of $20.72 billion.

The company said it expected fourth-quarter profit of 69 to 77 cents a share, excluding one-time items. Analysts expected 82 cents a share. For the year, the company raised the low end of its guidance by 2 cents. It now expects net income of $3.96 to $4.04 a share. Analysts expected $4.37 a share.