P&G warned higher costs will bite into its bottom line but sees earnings rising this year. The maker of Gillette razors, Pampers diapers and other consumer products said Friday earnings this year would take a nearly $2 billion after-tax hit from rising costs for commodity and freight. Pressuring Procter & Gamble’s bottom line: higher prices it pays for supplies such as pulp, resin and polypropylene and a transportation bill that could be $100 million higher due to a driver shortage. But the company is banking on price hikes and cost cuts to cushion the hit to its profit margins. It sees core earnings per share growing 3% to 6% in fiscal 2022. In the latest quarter, higher demand for health and skin products buffed up P&G’s net sales, which grew 7%. Demand for oral care products drove heath care sales up by nearly a fifth. And its high-end SK-II brand did particularly well as consumers dressed up to return to social events. P&G shares rose in early trading Friday.