Investing.com — Colgate-Palmolive Company reported third-quarter earnings that surpassed analyst expectations and raised its full-year guidance, despite a slight dip in its stock price following the announcement.
The consumer products giant posted adjusted earnings per share of $0.91, beating the analyst consensus of $0.88. Revenue for the quarter came in at $5.03 billion, slightly above the estimated $5.01 billion and up 2.4% YoY. Organic sales, which exclude the impact of foreign exchange, acquisitions, and divestments, grew 6.8%.
Colgate-Palmolive (NYSE:) raised its full-year 2024 organic sales growth forecast to 7-8%, up from the previous 6-8% range. The company also increased its adjusted earnings per share growth guidance to 10-11%, compared to the earlier projection of 8-11%.
Noel Wallace, Chairman, President and CEO, commented, “We are very pleased to have delivered another quarter of strong top and bottom line results with earnings exceeding our expectations.”
The company reported volume growth across all operating divisions for the second consecutive quarter. Gross profit margin expanded 270 basis points to 61.3% on a base business basis.
Despite the positive results, Colgate-Palmolive’s stock was down 1.5% following the earnings release.
The company maintained its global market leadership in toothpaste with a 41.6% share year-to-date and in manual toothbrushes with a 32.3% share.
