Procter & Gamble raises FY24 EPS growth guidance

P&G maintained its guidance range for fiscal 2024 all-in sales growth to be in the range of two to four percent versus the prior year. Foreign exchange is expected to be a headwind of approximately one to two percentage points to all-in sales growth. The company also maintained its outlook for organic sales growth in the range of four to five percent. P&G raised its fiscal 2024 diluted net earnings per share growth from a range of -1% to inline to a range of one to two percent versus fiscal 2023 EPS of $5.90. P&G also raised its fiscal 2024 core net earnings per share growth from a range of eight to nine percent to a range of 10% to 11% versus fiscal 2023 EPS. P&G now expects unfavorable foreign exchange rates will be a headwind of approximately $600 million after tax. The Company expects the net impact of interest expense and interest income to be a headwind of approximately $100 million after tax. The Company now expects a benefit of approximately $900 million after tax from favorable commodity costs for fiscal year 2024. The Company is unable to reconcile its forward-looking non-GAAP cash flow and tax rate measures without unreasonable efforts given the unpredictability of the timing and amounts of discrete items, such as acquisitions, divestitures, or impairments, which could significantly impact GAAP results. P&G now expects a core effective tax rate of 20% to 21% in fiscal 2024. Capital spending is estimated to be approximately 4% of fiscal 2024 net sales. P&G continues to expect adjusted free cash flow productivity of 90% and expects to pay more than $9 billion in dividends and to repurchase $5 to $6 billion of common shares in fiscal 2024. FY24 EPS, revenue consensus is $6.45/$84.7B, respectively.