宝洁FY2027一季度营收、EPS双超预期，但全年核心EPS指引仅维持、盘前已涨约2%，不追多也不做空

Procter & Gamble press release ( PG ): Q1 Non-GAAP EPS of $2.00 beats by $0.11 . Revenue of $23.28B (+4.0% Y/Y) beats by $460M . Net Sales +4.0%; Organic Sales +4.0% P&G updated its guidance range for fiscal 2027 all-in sales growth to be in the range of two to four percent versus the prior year, reflecting the acquisition of Thorne as of October 1, 2026. The Company maintained its outlook for organic sales growth in the range of one to three percent versus the prior year. Included in the organic sales growth guidance is a headwind of 30 to 50 basis points from brand, product form and go-to-market discontinuations. P&G maintained its fiscal 2027 diluted net earnings per share growth to be in the range of one to five percent versus fiscal 2026 diluted net EPS of $6.62 vs $6.98 consensus. P&G also maintained its fiscal 2027 core earnings per share growth to be in the range of in-line to three percent versus fiscal 2026 core EPS of $6.89. This outlook equates to a range of $6.89 to $7.11 per share, with a mid-point estimate of $7.00, or an increase of approximately one and a half percent. P&G now expects a commodity cost headwind of approximately $1.4 billion after tax driven by higher raw materials, energy and transportation costs, $300 million after-tax from higher net interest expense, $150 million after-tax from lower non-operating income and $50 million after-tax from unfavorable foreign exchange rates. Combined, these impacts equate to a headwind of $0.79 per share for fiscal 2027, or an eleven percent drag on core EPS growth. The Company is not able 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 to be in the range of 20% to 21% in fiscal 2027. Capital spending is estimated to be in the range of four and a half to five and a half percent of fiscal 2027 net sales. P&G continues to expect free cash flow productivity of 85% to 90% and expects to pay over $10 billion in dividends and to repurchase approximately $5 billion of common shares in fiscal 2027. Shares +3% PM.