P&G Q2 EPS in line with expectations

(Reuters) - Procter and Gamble Co (PG.N) delivers second quarter EPS and organic sales in line with expectations. Reports Q2 earnings per share of $1.58.

Highlights:

* Q2 sales fell 3 percent to $20.4 billion

* Sees Q3 earnings per share $0.78 to $0.86

* Sees organic sales to grow by two to five percent for 2009

* Says comfortable with analysts'' current consensus earnings per share estimate of $4.29 for FY

* Says for the January-March quarter, organic sales are expected to grow two to five percent

* Says total sales growth is expected to be flat to negative four percent for FY

* Says for January-March quarter organic volume expected to decline two to three percent

* Sees Q3 total sales down two to seven percent

* Reuters Estimates Q2 earnings per share view $0.99, revenue view $20,636.5 million

* Reuters Estimates Q3 earnings per share view $0.88, revenue view $19,076.98 million

* Reuters Estimates FY 2009 earnings per share view $3.80, revenue view $81,921.09 million

* Says Q2 EPS includes a $0.63 gain from Folgers transaction completed during quarter

* Q2 earnings per share from continuing-operations $0.94