Management estimates that financial pressures, including currency exchange rate shifts and inflation, will combine to reduce earnings by $3.7 billion in fiscal 2023. Besides its market-leading position in several consumer staples niches ranging from beauty care to paper towels, P&G has a huge worldwide sales footprint. On the other hand, investors aren't likely to see the type of huge negative surprises that might happen with companies focused on more discretionary parts of the consumer spending budget.