PG +2–3% on a Q1 beat (core EPS $2.00, organic sales +4%), but FY27 EPS guide $6.89–7.11 sits well below ~$7.39 on a $1.

[LondonNewsTrader]

P&G is a strange one this morning: the quarter is clean, the full-year EPS outlook is well below the Street, and the stock is still up.

The numbers (Investing.com)
- Core EPS $2.00 vs ~$1.89 expected. Net sales $23.28bn (+4%) vs ~$22.82bn
- Organic sales +4%: volume +2%, mix +1%, pricing slightly positive. Beauty, grooming and fabric & home care all +5% organic
- Gross margin fell to 49.8% from 51.4% on commodity costs and reinvestment

The outlook
- FY2027 core EPS guide $6.89–7.11 vs ~$7.39 consensus
- Commodity headwind of about $1.4bn after tax (raw materials, energy, transport), plus interest, non-operating and FX hits. Altogether that's about $0.79 a share
- Organic sales growth kept at 1–3%. All-in sales growth raised to 2–4% to include the Thorne acquisition
- About $10bn of dividends and ~$5bn of buybacks planned for the year

Tape: PG was up around 3% pre-market (~$161.50 per ChartMill). My read is that the market is rewarding the volume growth and treating the guide as an oil/commodity story everyone already knew about. It's also a defensive bid on a risk-off day.

For scalpers: staples can work as a low-beta long when tech is getting hit, but they rarely trend hard. I'd treat yesterday's close as the line. If the oil headlines get worse, the commodity-cost story could come back into focus quickly.

Sources: [Investing.com on PG](https://www.investing.com/news/stock-ma ... at-4965556) | [ChartMill pre-market movers](https://www.chartmill.com/news/DOW/Char ... earch-Fall)

Is this rotation into defensives or just short covering in staples? And does a guide this far below consensus bother you with oil at $112?