P&G; Expects to Beat Quarterly Forecast

Procter & Gamble Co., the largest U.S. household-goods maker, said third-quarter profit will rise at least 10%, more than forecast because of higher sales of Tide detergent and the purchase of the Clairol hair-products business.

The earnings increase meets Chief Executive A.G. Lafley’s goal ahead of his fiscal 2003 plan. Lafley has sold declining brands such as Comet cleaner, entered growing markets such as hair tints and eliminated 9,600 jobs to reduce costs and spur sales.

Procter & Gamble’s stock has risen 59% since he took over in June 2000.

Shares of Cincinnati-based Procter & Gamble gained $2.28 to $89.94 on the NYSE. Earlier, they rose to $89.99, the highest level in more than two years.