NEW YORK (CNN/Money) - Procter & Gamble Thursday reported fourth-quarter earnings that beat Wall Street estimates, driven by higher prices, lower costs and the weak dollar.

The consumer products maker also raised its earnings outlook for the year.

Procter & Gamble's net earnings jumped 12 percent to $2.04 billion in the quarter, despite higher commodities costs, the company said in a statement.

Diluted earnings per share increased 14 percent, to 74 cents a share, exceeding analysts' consensus estimates by 2 cents, Reuters estimates.

"We continue to see strong top line growth across all of our businesses behind consumer meaningful innovations and the strength of our brand and geographic portfolio," Chairman A. G. Lafley said in a statement.

The company said net sales increased 9 percent in the quarter, to $14.45 billion. Reuters reported that figure included a 3 percent lift from foreign exchange. Analysts, on average, had forecast revenue of $14.15 billion.

Sales rose 7 percent excluding the impact of acquisitions, divestitures and foreign exchange, P&G said.

P&G and other consumer products companies have been trimming expenses and raising prices to help offset pressure from raw material costs.

"The steps we've been taking to offset the impacts of higher material costs and the continued strength of our innovation pipeline give us confidence to raise the earnings outlook for the remainder of the fiscal year," Lafley said.

P&G said it now expects to earn 60 cents to 62 cents per share in its current third quarter, which ends in March. It raised its full-year forecast by 3 cents, to a range of $2.61 to $2.64 per share.

Analysts, on average, had been expecting P&G to earn 60 cents in the quarter and $2.61 this year.

Procter & Gamble (Research) shares rose 1.2 percent in after-hours, electronic trading from their close Thursday at $55.32 on the New York Stock Exchange.