The changed outlook reflects the recent devaluation against the dollar of the Argentine peso, Turkish lira, South African rand, Russian ruble, Ukrainian hryvnia, Brazilian real and several other currencies, said P&G, whose products include Pampers diapers and Tide detergent.
For US companies that do substantial business in developing countries, the devaluations cause their earnings in those currencies to be worth less when converted back to dollars.
Procter & Gamble said it now sees growth in core earnings per share of 3 percent to 5 percent, down from its prior outlook for growth of 5 to 7 percent. It also revised its forecast for sales growth to a range of flat to a rise of 2 percent versus its prior forecast for growth in a range of 1 to 2 percent.
Procter & Gamble shares dipped 0.5 percent to $78.45 in after-market trading on Tuesday, after closing up 1.4 percent at $78.84 in regular trade on the New York Stock Exchange.
The U.S. dollar is expected to make steady gains against major currencies this year as a recovery in the world's largest economy gains steam and gives the Federal Reserve room to wind down its stimulus program.
Plunging emerging market currencies have forced many global companies to hedge foreign currency exposure more aggressively and raise prices frequently.
Automaker Ford Motor Co., appliance maker Whirlpool Corp and liquor giant Diageo all cited weakness and a more sober outlook in once-roaring emerging markets in earnings reports last month.