===Procter & Gamble (PG) reported earnings on Fri 20 Jan 17 (b/o)

Procter & Gamble beats by $0.02, reports revs in-line; reaffirms FY17 EPS guidance, raises organic sales growth to +2-3% from +2%  :

• Reports Q2 (Dec) earnings of $1.08 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.06; revenues fell 0.3% year/year to $16.86 bln vs the $16.77 bln Capital IQ Consensus. 
• Organic sales increased two percent driven by a two percent increase in organic shipment volume. Pricing and mix had no net impact on sales for the quarter. All-in volume increased one percent including the impacts of minor brand divestitures and lost sales to Venezuelan subsidiaries. Organic sales and organic volume increased in all five business segments. Beauty organic sales +3%, Grooming +1%, Health Care +7%, Fabric & Home Care +1%, Baby, Feminine & Family Care +1%.
• Core gross margin improved 70 basis points, including 50 basis points of negative foreign exchange impacts; core operating profit margin flat Y/Y.
• Co reaffirms EPS guidance for FY17, sees mid single digit adj. EPS growth (from $3.67) vs. $3.85 Capital IQ Consensus; sees FY17 sales in-line with last year's $67.17 bln vs. $65.17 bln consensus. 
• P&G said it is raising its guidance for organic sales growth from ~two percent to a range of two to three percent for fiscal 2017. The Company now 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 in line with the prior fiscal year.