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Key Takeaways
- Colgate-Palmolive surpassed analysts’ expectations with its second-quarter revenue and earnings per share. The company raised its full-year organic sales growth projections.
- Each of Colgate-Palmolive’s operating divisions generated positive volume growth.
- The stock climbed Friday, leaving it within range of a record close.
Colgate-Palmolive Company (CL) beat expectations on the top and bottom lines with its second-quarter results Friday, sending its shares toward record highs.
The consumer products company, know for its toothpaste, deodorant, soap and other brands, posted net sales of $5.06 billion, up nearly 5% year-over-year and above the Visible Alpha consensus expectation. Earnings per share (EPS) came in at 89 cents, topping expectations of 87 cents.
Colgate-Palmolive cited a “healthy balance” of volume growth and higher prices, saying that all its operating divisions generated volume growth in the period.
The company raised its full-year projection for organic sales growth — sales not counting currency effects, acquisitions or divestments — to a range of 6% to 8%, up from 5% to 7%. Net sales are still expected to rise 2% to 5%. It also lifted its guidance for gross margins.
The stock was recently up about 4%, leaving it up more than 25% this year. The rise helped the S&P 500’s consumer staples sector, which was up about 0.8% in Friday trading.