NEW YORK – Colgate-Palmolive (NYSE:) delivered a positive surprise in its second quarter earnings, surpassing analyst expectations on both the top and bottom lines.
The company reported adjusted earnings per share (EPS) of $0.91, which was $0.04 higher than the analyst estimate of $0.87. Revenue also exceeded forecasts, coming in at $5.06 billion against the consensus estimate of $5.01 billion. CL shares were trading 1% higher following the report.
The results represent a robust performance for the consumer products giant, with a notable 9.0% growth in organic sales, reflecting a balanced mix of volume increases and higher pricing. Colgate-Palmolive’s global market share in toothpaste and manual toothbrushes remained strong at 41.5% and 32.2%, respectively.
Noel Wallace, Chairman, President, and Chief Executive Officer, expressed satisfaction with the company’s top and bottom-line growth, highlighting the success of their strategies and the company’s ability to invest for long-term growth, with advertising spending up by 18%.
Looking ahead, Colgate-Palmolive has updated its full-year 2024 guidance, maintaining its net sales growth forecast of 2% to 5% despite a mid-single-digit negative impact from foreign exchange. More notably, the company has raised its organic sales growth guidance from the previously stated 5%-7% to 6%-8%. Adjusted EPS growth expectations have also been lifted to 8%-11%, up from the earlier mid to high-single-digit forecast.
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