The US consumer products giant, whose offerings include Crest toothpaste and Tide detergent, said net income for the quarter ending March 31 was $2.5 billion, essentially unchanged from the year-ago period.
Revenues rose four percent to $16.3 billion.
P&G said premium beauty products like Olay Skin Care had enjoyed strong sales growth, while a heavy cough/cold season boosted sales in health care, which includes the Vicks line of cough drops.
But the company reported another drop in grooming sales amid intensifying competition that has pressured P&G's Gillette line into price cuts. P&G also cited tough competitive activity in its baby care business.
"We have large businesses in several difficult markets," said chief executive David Taylor.
"The ecosystems in which we operate around the world are being disrupted and transformed. We will change at an even faster rate -- winning through superiority, cost and cash productivity and a strengthened organization and culture."
P&G earlier announced an agreement to acquire the consumer health group of German pharmaceutical and chemicals group Merck for 3.4-billion euro ($4.2 billion) in cash.
P&G said the assets would complement its existing health care business.
Shares fell 0.3 percent to $77.99 in pre-market trading.