Procter & Gamble logged higher sales and said it is managing to stay on track despite rising fuel costs.

The consumer goods company, which owns Tide detergent and Crest toothpaste, logged profit of $4.73 billion, or $1.97 a share, compared with $4.75 billion, or $1.95 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $2, ahead of the $1.88 a share anticipated by analysts, according to FactSet.

Revenue rose 4% to $23.28 billion in the latest quarter, beating analysts' expectations of $22.80 billion.

Higher prices gave a small boost to the company's top line, P&G said. Sales of beauty products, grooming and fabric and home care increased the most.

The increase in sales helped buffer results against rising commodity costs, which are climbing due to elevated oil prices. P&G raised its outlook for commodity costs to $1.4 billion after tax, up from the $1 billion projection it gave in July.

P&G increased its outlook for all-in sales growth to 2% to 4%, up from its prior guidance range of 1% to 3% growth. The bump reflected the acquisition of Thorne Healthtech, a biometrics company, which closed Oct. 1.

The company maintained the rest of its guidance.

"While we expect there will continue to be geopolitical and economic challenges, this strong start keeps us on track to deliver within our guidance ranges," Chief Executive and Chair Shailesh Jejurikar said.