Quarterly guidance

Quarterly guidance
No specific quarterly guidance was given, though management expects 3% organic sales growth for the first half of the fiscal year.

Annual guidance

Organic sales growth
1% to 3%
Core EPS growth
0% to 3%
Core effective tax rate
20% to 21%
Capital spending
4.5% to 5.5% of sales
Free cash flow productivity
85% to 90%

Outlook

Commodity costs
Expects a $1.4 billion after-tax headwind for the year, with higher costs anticipated in the second half.
Consumer demand
Management is closely watching consumer behavior as high fuel and energy costs persist.
Productivity
The company expects to maintain record levels of productivity to help offset cost pressures.
Pricing
P&G plans to price with innovation, timing changes with modular resets to maintain the balance between value and performance.
Market volatility
Management anticipates continued volatility in the near-to-mid-term due to geopolitical and economic factors.
Category growth
Expects 2.5% to 3% value growth in categories globally.