Colgate-Palmolive announced on Friday better-than-expected earnings and sales for the first quarter, and in the process raised its growth targets for 2024.
The American toothpaste giant reported sales up 6.2% to almost $5.1 billion, including organic growth of 9.8%, against a consensus of $4.6 billion.
Growth was driven primarily by increased sales in Latin America (+25.9%) and Africa/Eurasia (+16.2%).
Earnings per share amounted to $0.83, while analysts were expecting an average of $0.46 per share.
The New York-based group, which owns the Colgate, Palmolive, elmex, Ajax, Soupline and Hill's brands, is now targeting organic growth of 5% to 7% for the full year, compared with a previous forecast of 3% to 5%.
The stock was expected to rise by 1% on Friday on Wall Street in the wake of these figures.
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Colgate-Palmolive Company is one of the worldwide leaders in the manufacturing and marketing of cleaning and hygiene products. The group also products and sells pet food (dogs and cats). Net sales break down by family of products as follows:
- hygiene and cleaning products (78%): oral hygiene (toothpaste, toothbrushes, mouthwashes, etc.; Colgate brand), body care (soaps, shower gels, shampoos, conditioners, deodorants, shaving products, etc.; Palmolive, Speed Stick, Softsoap, etc.), household care, and linen care (dishwashing liquids, detergents, stain removers, fabric softeners, bleach, etc.; Palmolive, Ajax, Soupline, Suavitel, etc.). Net sales are distributed geographically as follows: North America (25.9%), Latin America (30.6%), Asia-Pacific (18.3%), Europe (18.1%), Africa and Eurasia (7.1%);
- cat and dog foods (22%; Hill's): world leader.