Cash from operations dropped 11% for the nine-month period. While free cash flow declined for this period, P&G indicated that the relationship between free cash flow and net earnings was still rocking in Q3! Management calls this ratio free cash flow productivity. Being a fan of cash, I always like to check on how the company is faring in this regard. Management likes to see this metric at 90% (which means that the market probably wants to see it at 100%). This past quarter, P&G said its free cash flow came in at 136% of earnings. Can't complain about that.

Look, I'm not purposely trying to make this picture look prettier. It's true, I've always admired P&G. Nevertheless, I agree, it was a weak quarter. But does that mean long-term shareholders should jettison this company? Honestly, I can't see why someone would want to do that.

Probably the most important thing mentioned in the release is the fact that the board recently upped the quarterly dividend by 10%. Investors who purchased shares of P&G obviously had total return in mind. As well as dividend-reinvestment and effective yield over time.

Although shares had seen some appreciation over the last month or so, P&G cannot be considered a strong stock. But you know what? I like the company, and I think it'll be fine. That tricky currency environment will be plaguing a lot of companies, but investors will just have to put up with it for the time being. From a value perspective, as well as a technical one, I might want to acquire shares a little closer to the 52-week low if possible. But that's just the trader in me talking. Again, P&G, like Kraft (NYSE: KFT), Johnson & Johnson (NYSE: JNJ), and Colgate-Palmolive (NYSE: CL), work better as buy-and-hold vehicles. From that perspective, P&G still looks decent.

Disclosure: I don't own any company mentioned; positions can change without notice.