Cincinnati, Ohio (PRNewswire) -- The Procter & Gamble Co. said it is revising its earnings outlook for the second half of its fiscal year. The changes in earnings expectations reflect the recent political and financial crisis in Turkey, resulting in the dramatic devaluation of the Turkish lira. Turkey is P&G's 12th largest business representing over $400 million annually in company sales.

The company expects core third quarter earnings per share (EPS) on a diluted basis to be 69 to 72 cents per share, which is two to three cents lower than current estimates. In addition, unit volume and sales will be down about one percent versus previous guidance for the third quarter. Core diluted EPS for the year will be four to five cents below previous expectations, which puts the company at the low end of current analysts' estimates. These revised expectations reflect the immediate balance sheet devaluation in Turkey and the anticipated business impact on the company's volume and margins.