Shares of household products giant Procter & Gamble (PG 2.89%) were gaining today after the maker of Crest toothpaste and Gillette razors posted another solid earnings report, edging out analyst estimates.

As of 10:18 a.m. ET, the stock was up 2.7%. Broader gains in the market also likely helped push the stock higher.

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P&G keeps growing

Procter & Gamble said that organic sales, which strips out the impact of foreign exchange, divestitures, and acquisitions in the fiscal second quarter, rose 3% even as it stopped hiking prices, showing it can deliver volume growth, which is more valuable than increasing revenue through price hikes. Organic volume was up 2% in the period, while prices were flat. The baby, feminine, and family care segment was a bright spot, with organic volume and sales up 4%.

Overall revenue rose 2% to $21.9 billion, which was ahead of the consensus at $21.6 billion.

Gross margin fell 30 basis points in the quarter, as 150 basis points of productivity savings were offset by an unfavorable sales mix, increasing commodity costs, and product reinvestments.

Selling, general, and administrative (SG&A) expenses increased 40 basis points due to reinvestments in the business, and core operating margin fell 80 basis points. However, core earnings per share rose from $1.84 to $1.88 as its tax expense fell, beating estimates at $1.86.

CEO Jon Moeller noted an "acceleration in organic sales growth, core EPS, and strong cash return to shareowners."

What's next for Procter & Gamble?

Looking ahead, investors were pleased with the company's guidance called for organic sales growth of 3% to 5% and overall revenue growth of 2% to 4%, better than the consensus at 1.4% growth. It also sees core EPS growth of 5% to 7% at $6.91 to $7.05, which excludes foreign exchange headwinds and is slightly ahead of estimates at $6.93.

Overall, Procter & Gamble is about as reliable of a stock as you'll find, and its track record of steady profit and dividend growth is hard to beat. Its valuation is also reasonable for investors looking for safe stocks.