CINCINNATI (AP) — The Procter & Gamble Co. sees budget-focused households responding to price cuts, promotions and new versions of its products, and the maker of Pampers diapers and Gillette shavers says its sales are growing at pre-recession rates.

P&G reported yesterday that sales rose six percent for its second quarter, a turnaround from sales slumps amid the recession. Its profit slid seven percent on a lower gain from selling business lines.

P&G shares rose $1.49, or 2.5 percent, to $62.30 in morning trading, near their 52-week high of $63.48. They were as low as $49.93 last March.

The world's largest consumer products maker said it earned $4.66 billion, or $1.49 per share, with sales of $21 billion. Earnings got a 47-cent boost from the sale of P&G's prescription drug business.

Analysts expected $1.40 a share on $21.07 billion in sales.

P&G said organic sales — a key gauge that excludes acquisitions, currency fluctuations and other such effects — were up five percent. The company yesterday raised its full-year forecast by 1 percent to a range of 3 to 5 percent for that measure.