Procter & Gamble (NYSE: PG) reported Q3 EPS of $0.96, $0.02 better than the analyst estimate of $0.94. Revenue for the quarter came in at $15.6 billion versus the consensus estimate of $15.72 billion.

Fiscal Year 2017 Guidance

P&G said it is maintaining its guidance for organic sales growth in the range of two to three percent for fiscal 2017. Fiscal year to date, the Company is at the low end of this range. The Company expects the combined headwinds of foreign exchange and minor brand divestitures to reduce sales growth by two to three percentage points. As a result, P&G estimates all-in sales to be down one percent to in-line with the prior fiscal year.

The Company also maintained its expectation for core earnings per share growth of mid-single digits versus fiscal 2016 Core EPS of $3.67. All-in GAAP earnings per share are expected to increase 48% to 50% versus fiscal year 2016 GAAP EPS of $3.69. The fiscal 2017 GAAP EPS estimate includes approximately $0.12 per share of non-core restructuring costs and $0.13 per share of charges related to early debt retirement that was executed in the second quarter. Also included in GAAP EPS is the $1.95 gain from the divestiture of 41 Beauty Brands to Coty in a transaction that was completed in the second quarter.

P&G said it is increasing fiscal year guidance for adjusted free cash flow productivity from 90% or more to approximately 95%.

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