From RTTNews:

Colgate-Palmolive Co. reported a higher profit in the fourth quarter, surpassing market estimates. For fiscal 2024, the company expects double-digit earnings-per-share growth on a reported basis and mid to high-single-digit earnings-per-share growth on an adjusted basis. Sales growth is expected to be between 1 percent and 4 percent of the previous year’s $19.46 billion. In 2023, net and organic sales growth was 8.5 percent, with organic sales growth in every division and all four categories. The company also expects gross profit margin expansion and increased advertising investment in 2024.

In its fourth quarter, Colgate-Palmolive’s net income attributable came in at $718 million or $0.87 per share, significantly higher than $5 million or $0.01 per share last year. Adjusted earnings were $720 million or $0.87 per share for the period, compared to last year’s $641 million or $0.77 per share. The company’s revenue for the quarter rose 7 percent to $4.95 billion from $4.63 billion last year, with organic sales increasing 7 percent and volume remaining flat.

North America, representing 20 percent of company sales, recorded sales growth of 3.5 percent with a 0.5 percent rise in volume, led by oral care and personal care. Latin America sales climbed 18 percent, driven by volume growth of 8 percent. In Europe, sales grew 10 percent, while volume dropped 4 percent. Asia Pacific sales edged up 0.5 percent, while volume fell 4.5 percent. Africa/Eurasia sales fell 4 percent, while volume grew 7.5 percent.

In pre-market activity on the NYSE, Colgate-Palmolive shares were trading at $80.47, down 1 percent. For more earnings news, visit rttnews.com.



Read more: Colgate-Palmolive Q4 Results Top Market; Sees Growth In FY24