Procter & Gamble is expected to report its fiscal third-quarter earnings before the bell.

Here’s what Wall Street analysts are expecting, based on a Refinitiv survey:

• Earnings per share: $1.29 expected
• Revenue: $18.73 billion expected

Consumer goods giant P&G may serve as a bellwether for investors as costs rise shoppers weigh higher price tags.

So far, price hikes have helped the company preserve profits amid soaring inflation. Products like Oral-B toothbrushes and Gillette razors saw a sales bump last quarter, thanks to price increases. But investors will be watching closely for any changes in consumer behavior as shoppers face elevated prices at the gas pump and in grocery store aisles.

Russia’s invasion of Ukraine has not only intensified inflation in the U.S., but also spurred scrutiny of P&G and other Western companies that operate in Russia. P&G has suspended its Ukrainian operations and scaled back those in Russia. The two countries account for less than 2% of its overall revenue.

For fiscal 2022, P&G is calling for 3% to 4% sales growth and core earnings per share increases of 3% to 6%, according to its latest release. It’s also predicting a $2.6 billion headwind from inflation for the fiscal year.

Shares of P&G have climbed 16% over the last 12 months, giving it a market value of $381 billion.

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