Procter & Gamble (NYSE: PG) reported Q2 EPS of $1.04, $0.06 better than the analyst estimate of $0.98. Revenue for the quarter came in at $16.9 billion versus the consensus estimate of $16.94 billion.

Operating cash flow was $4.5 billion for the quarter. Adjusted free cash flow productivity was 117%. The Company repurchased $2.0 billion of common stock and returned $1.9 billion of cash to shareholders as dividends.

“We are encouraged by our return to organic sales growth in the quarter,” said President and Chief Executive Officer David Taylor. “With the top-line improvement and continued cost reduction, we delivered solid core operating income and EPS growth in the face of significant macro-economic and geopolitical headwinds.”

Fiscal Year 2016 Guidance

P&G said it is maintaining its outlook for organic sales growth of in-line to up low-single digits versus fiscal 2015. The Company expects all-in sales to be down high-single digits in fiscal 2016, now including a negative seven percentage point foreign exchange impact and a two to three percentage point drag from the combined impacts of the Venezuela deconsolidation and minor brand divestitures.

P&G said it is maintaining its guidance for constant currency Core EPS growth of mid-to-high single digits, with its current outlook at the low end of this range. The Company said Core EPS, including foreign exchange impacts, is now projected to be down three percent to eight percent versus last year’s Core EPS of $3.76. P&G now expects foreign exchange will have a 10%, or a negative $0.37 per share, impact on Core EPS growth for the year. This is seven percentage points, or $0.26 per share, greater than the impact the Company expected at the beginning of the fiscal year. All-in GAAP earnings per share are expected to increase in the range of 38% to 46% versus the prior year.

P&G increased its outlook for Adjusted Free Cash Flow Productivity from 90% to 100% of adjusted net earnings for the fiscal year. The Company continues to expect to retire shares at a value of approximately $8 to $9 billion dollars through a combination of direct share repurchases and shares that will be exchanged in the Duracell transaction. In addition to the share retirements, P&G expects to pay dividends of more than $7 billion dollars, for a total of $15 to $16 billion dollars in dividend payments, share exchanges and share repurchases this fiscal year.

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