Procter & Gamble Co. said currency rate changes in Argentina, Turkey, Venezuela and other developing countries are hurting its profits. The world’s largest consumer products maker cut its outlook for the year. It now expects earnings to grow 3 to 5 percent, excluding one-time items, versus a prior forecast of 5 to 7 percent. It still expects revenue to rise 3 to 4 percent when stripping out the effect of acquisitions and foreign-exchange rates. P&G has turned to emerging markets to increase its sales amid slow growth in developed markets.