Procter & Gamble (NYSE: PG) reported Q3 EPS of $1.06, $0.03 better than the analyst estimate of $1.03. Revenue for the quarter came in at $16.5 billion versus the consensus estimate of $16.34 billion.

Fiscal Year 2019 Guidance

The Company now estimates fiscal 2019 all-in sales growth in the range of in-line to up one percent versus the prior fiscal year, which includes a negative impact of three to four percentage points from the combination of negative foreign exchange and a modest positive impact from acquisitions and divestitures. P&G increased its guidance for organic sales growth from a range of two to four percent to a solid four percent for fiscal 2019.

The Company maintained its guidance ranges on the bottom line. On an all-in GAAP basis, diluted net earnings per share are expected to increase seventeen to twenty-four percent versus the prior year. Core earnings per share are expected to increase three to eight percent versus fiscal 2018 Core EPS of $4.22. This outlook includes an estimated $1.4 billion after-tax headwind from foreign exchange and higher commodity and transportation costs.

The Company is not able to reconcile its forward looking non-GAAP cash flow measure without unreasonable efforts because the Company cannot predict the timing and amounts of discrete cash items, such as acquisitions, divestitures, or impairments, which could significantly impact GAAP results. P&G increased its outlook for adjusted free cash flow productivity from over 90% to at least 100% for fiscal 2019.

P&G expects to pay over $7 billion in dividends and repurchase approximately $5 billion of common shares in fiscal 2019.

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