Colgate Announces 3rd Quarter 2024 Results
Colgate-Palmolive reported strong Q3 2024 results with net sales increasing 2.4% to $5,033 million and organic sales growing 6.8%. GAAP EPS rose 5% to $0.90, while Base Business EPS increased 6% to $0.91. The company maintained its global leadership with 41.6% market share in toothpaste and 32.3% in manual toothbrushes. Gross profit margin expanded 260 basis points to 61.1%. Based on these results, Colgate updated its 2024 guidance, now expecting net sales growth of 3-5% and organic sales growth of 7-8%, with earnings per share growth projected at 10-11%.
Colgate-Palmolive ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento delle vendite nette del 2,4%, arrivando a 5.033 milioni di dollari, e una crescita delle vendite organiche del 6,8%. L'EPS GAAP è aumentato del 5% a $0,90, mentre l'EPS del Business di Base è cresciuto del 6% a $0,91. L'azienda ha mantenuto la sua leadership globale con una quota di mercato del 41,6% nel settore dei dentifrici e una quota del 32,3% negli spazzolini da denti manuali. Il margine di profitto lordo è aumentato di 260 punti base, raggiungendo il 61,1%. Sulla base di questi risultati, Colgate ha aggiornato le sue previsioni per il 2024, ora aspettandosi una crescita delle vendite nette tra il 3-5% e una crescita delle vendite organiche tra il 7-8%, con una crescita dell'utile per azione prevista tra il 10-11%.
Colgate-Palmolive reportó resultados sólidos en el tercer trimestre de 2024, con un aumento del 2.4% en las ventas netas, alcanzando los 5,033 millones de dólares y un crecimiento del 6.8% en las ventas orgánicas. El EPS GAAP aumentó un 5% a $0.90, mientras que el EPS del Negocio Base creció un 6% a $0.91. La empresa mantuvo su liderazgo global con una cuota de mercado del 41.6% en pasta de dientes y una cuota del 32.3% en cepillos de dientes manuales. El margen de beneficio bruto se expandió en 260 puntos básicos, alcanzando el 61.1%. Con base en estos resultados, Colgate actualizó su guía para 2024, anticipando ahora un crecimiento en las ventas netas del 3-5% y un crecimiento en las ventas orgánicas del 7-8%, con un crecimiento en las ganancias por acción proyectado entre el 10-11%.
Colgate-Palmolive는 2024년 3분기 실적이 강력하다고 보고하며, 순매출이 2.4% 증가하여 50억 3천만 달러에 달하고 유기적 판매가 6.8% 성장했다고 전했습니다. GAAP EPS는 5% 증가하여 $0.90에 이르렀고, 기본 비즈니스 EPS는 6% 증가하여 $0.91로 늘어났습니다. 회사는 치약 시장에서 41.6%의 시장 점유율과 수동 칫솔에서 32.3%의 시장 점유율로 글로벌 리더십을 유지했습니다. 총 이익률은 260bp 증가하여 61.1%에 도달했습니다. 이러한 결과를 바탕으로 Colgate는 2024년 가이드를 업데이트하며, 이제 순매출 성장률을 3-5%로, 유기적 판매 성장률을 7-8%로 예상하고 있으며, 주당 순이익 성장률은 10-11%로 예상하고 있습니다.
Colgate-Palmolive a annoncé de solides résultats pour le troisième trimestre 2024, avec une augmentation des ventes nettes de 2,4%, atteignant 5 033 millions de dollars, et une croissance des ventes organiques de 6,8%. Le BPA GAAP a augmenté de 5 % pour atteindre 0,90 $, tandis que le BPA du Business de Base a progressé de 6 % pour atteindre 0,91 $. L'entreprise a maintenu son leadership mondial avec une part de marché de 41,6 % dans le secteur des dentifrices et de 32,3 % dans les brosses à dents manuelles. La marge brute de profit s'est élargie de 260 points de base pour atteindre 61,1 %. Sur la base de ces résultats, Colgate a mis à jour ses prévisions pour 2024, s'attendant désormais à une croissance des ventes nettes de 3 à 5 % et à une croissance des ventes organiques de 7 à 8 %, avec une croissance prévue du bénéfice par action entre 10 et 11 %.
Colgate-Palmolive hat starke Ergebnisse für das 3. Quartal 2024 gemeldet, mit einem Anstieg des Nettoumsatzes um 2,4% auf 5.033 Millionen US-Dollar und einem organischen Umsatzwachstum von 6,8%. Der GAAP EPS ist um 5% auf 0,90 USD gestiegen, während der Base Business EPS um 6% auf 0,91 USD zugenommen hat. Das Unternehmen hat seine globale Führungsposition mit einer Marktanteil von 41,6% im Bereich Zahnpasta und einer 32,3% im Bereich manueller Zahnbürsten behauptet. Die Bruttogewinnmarge erweiterte sich um 260 Basispunkte auf 61,1%. Basierend auf diesen Ergebnissen hat Colgate seine Prognose für 2024 aktualisiert und erwartet nun ein Nettoumsatzwachstum von 3-5% und ein organisches Umsatzwachstum von 7-8%, wobei ein Gewinnwachstum pro Aktie von 10-11% prognostiziert wird.
- Net sales increased 2.4% to $5,033 million
- Organic sales grew 6.8% with positive volume growth across all divisions
- GAAP Gross profit margin increased 260 basis points to 61.1%
- EPS increased 5% to $0.90
- Advertising investment increased 16%
- Maintained strong market leadership with 41.6% share in toothpaste and 32.3% in toothbrushes
- Upgraded full-year organic sales growth guidance to 7-8%
- North America division sales declined 2.1%
- Latin America reported 17.4% negative foreign exchange impact
- North America operating profit decreased 9%
Insights
An impressive quarter with strong execution across multiple fronts. Organic sales growth of
The company's market leadership remains solid with
Particularly noteworthy is the
The volume growth across all operating divisions for two consecutive quarters is particularly significant in the current macro environment. This demonstrates strong brand equity and effective pricing strategies. The company's ability to maintain premium positioning while expanding market share suggests successful portfolio management across price tiers.
Hill's Pet Nutrition segment shows impressive performance with
-
Net sales increased
2.4% ; Organic sales* increased6.8% -
GAAP EPS increased
5% to ; Base Business EPS* increased$0.90 6% to$0.91 -
GAAP Gross profit margin increased 260 basis points to
61.1% ; Base Business Gross profit margin* increased 270 basis points to61.3% -
Net cash provided by operations was
for the first nine months of 2024$2,838 million -
Colgate’s leadership in toothpaste continued with its global market share at
41.6% year to date -
Colgate’s leadership in manual toothbrushes continued with its global market share at
32.3% year to date - The Company updated its financial guidance for full year 2024
Third Quarter Total Company Results (GAAP) |
|||
($ in millions except per share amounts) |
2024 |
2023 |
Change |
Net Sales |
|
|
+ |
EPS (diluted) |
|
|
+ |
|
|
|
|
|
|
|
|
Third Quarter Total Company Results (Base Business - Non-GAAP)* |
|||
|
2024 |
2023 |
Change |
Organic Sales Growth |
+ |
||
Base Business EPS (diluted) |
|
|
+ |
*Indicates a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” later in this release for definitions of non-GAAP financial measures and to “Table 6 - Geographic Sales Analysis Percentage Changes” and “Table 8 - Non-GAAP Reconciliations” included with this release for a reconciliation of these non-GAAP financial measures to the related GAAP measures. |
Colgate-Palmolive Company (NYSE:CL) today reported results for third quarter 2024. Noel Wallace, Chairman, President and Chief Executive Officer, commented on the Base Business third quarter results, “We are very pleased to have delivered another quarter of strong top and bottom line results with earnings exceeding our expectations. Net sales increased
“We are particularly pleased with the quality of our results this quarter on top of our strong first half results. This is our sixth consecutive quarter delivering gross margin expansion along with growth in operating profit, net income and earnings per share. Advertising increased
“Our strong results this quarter and year to date add to our confidence that we are executing the right strategies to deliver on our updated 2024 organic sales and Base Business earnings growth expectations, drive cash flow and generate consistent, compounded earnings per share growth.”
Full Year 2024 Guidance
Based on current spot rates:
-
The Company now expects net sales growth of
3% to5% (versus2% to5% previously) including a mid-single-digit negative impact from foreign exchange. -
The Company now expects organic sales growth of
7% to8% (versus6% to8% previously). - On a GAAP basis, the Company still expects gross profit margin expansion, increased advertising investment and double-digit earnings per share growth.
-
On a non-GAAP (Base Business) basis, the Company still expects gross profit margin expansion and increased advertising investment and now expects earnings per share growth of
10% to11% (versus8% to11% previously).
Divisional Performance
See attached "Table 6 - Geographic Sales Analysis Percentage Changes" and "Table 5 - Segment Information" for additional information on net sales and operating profit by division.
Third Quarter Sales Growth By Division
|
|
|
|
||||
|
% of Total
|
Net
|
Organic
|
As
|
Organic
|
Pricing |
FX |
|
|
- |
- |
+ |
+ |
- |
- |
|
|
- |
+ |
+ |
+ |
+ |
- |
|
|
+ |
+ |
+ |
+ |
+ |
+ |
|
|
+ |
+ |
+ |
+ |
- |
+ |
|
|
+ |
+ |
+ |
+ |
+ |
- |
Hill’s |
|
+ |
+ |
+ |
+ |
+ |
- |
|
|
|
|
|
|
|
|
Total Company |
|
+ |
+ |
+ |
+ |
+ |
- |
Note: Table may not sum due to rounding. |
|
(1) The Company has recast its historical geographic segment information to conform to the reporting structure effective as of July 1, 2024. The results of the skin health business previously reported within the |
|
*Indicates a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” later in this release for definitions of non-GAAP financial measures and to “Table 6 - Geographic Sales Analysis Percentage Changes” included with this release for a reconciliation of these non-GAAP financial measures to the related GAAP measures. |
Third Quarter Operating Profit By Division
|
|
|||
|
3Q 2024 |
% Change vs
|
% to Net
|
Change in basis
|
|
|
- |
|
-170 |
|
|
- |
|
+40 |
|
|
|
|
+30 |
|
|
|
|
-90 |
|
|
- |
|
-140 |
Hill’s |
|
|
|
+390 |
|
|
|
|
|
Total Company, As Reported |
|
|
|
+30 |
Total Company, Base Business* |
|
|
|
+50 |
(1) The Company has recast its historical geographic segment information to conform to the reporting structure effective as of July 1, 2024. |
|
*Indicates a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” later in this release for definitions of non-GAAP financial measures and to “Table 8 - Non-GAAP Reconciliations” included with this release for a reconciliation of these non-GAAP financial measures to the related GAAP measures. |
Prepared Materials and Webcast Information
At approximately 7:00 a.m. ET today, Colgate will post its prepared materials (in PDF format) regarding third quarter results to the Investor Center section of its website at https://investor.colgatepalmolive.com/events-and-presentations.
At 8:30 a.m. ET today, Colgate will host a conference call regarding third quarter results. To access this call as a webcast, please go to Colgate’s website at www.colgatepalmolive.com.
About Colgate-Palmolive
Colgate-Palmolive Company is a caring, innovative growth company that is reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition, we sell our products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of
Market Share Information
Management uses market share information as a key indicator to monitor business health and performance. References to market share in this press release are based on a combination of consumption and market share data provided by third-party vendors, primarily Nielsen, and internal estimates. All market share references represent the percentage of the dollar value of sales of our products, relative to all product sales in the category in the countries in which the Company competes and purchases data (excluding
Market share data is subject to limitations on the availability of up-to-date information. In particular, market share data is currently not generally available for certain retail channels, such as eCommerce and certain club retailers and discounters. The Company measures year-to-date market shares from January 1 of the relevant year through the most recent period for which market share data is available, which typically reflects a lag time of one or two months. The Company believes that the third-party vendors it uses to provide data are reliable, but it has not verified the accuracy or completeness of the data or any assumptions underlying the data. In addition, market share information reported by the Company may be different from market share information reported by other companies due to differences in category definitions, the use of data from different countries, internal estimates and other factors.
Cautionary Statement on Forward-Looking Statements
This press release and the related webcast may contain forward-looking statements (as that term is defined in the
Non-GAAP Financial Measures
The following provides definitions and other information regarding the non-GAAP financial measures used in this press release and the related prepared materials and webcast, which may not be the same as or comparable to similar measures presented by other companies:
- Base Business: Base Business refers to non-GAAP measures of operating results that exclude certain items. Base Business operating results exclude, as applicable, charges related to an ERISA litigation matter, a foreign tax matter and the 2022 Global Productivity Initiative and product recall costs.
- Organic sales growth: Net sales growth excluding the impact of foreign exchange, acquisitions and divestments.
- Free cash flow before dividends: Net cash provided by operations less Capital expenditures.
This press release discusses Net sales growth (GAAP) and Organic sales growth (non-GAAP). Management believes the organic sales growth measure provides investors and analysts with useful supplemental information regarding the Company’s underlying sales trends by presenting sales growth excluding the external factor of foreign exchange as well as the impact from acquisitions and divestments. See “Geographic Sales Analysis Percentage Changes” for the three and nine months ended September 30, 2024 versus 2023 included with this release for a comparison of Organic sales growth to Net sales growth in accordance with GAAP.
Gross Profit, Gross Profit margin, Selling, general and administrative expenses, Selling, general and administrative expenses as a percentage of Net sales, Other (income) expense, net, Operating profit, Operating profit margin, Non-service related postretirement costs, Effective income tax rate, Net income attributable to Colgate-Palmolive Company and Diluted earnings per common share are disclosed on both an as reported (GAAP) and Base Business (non-GAAP) basis. These non-GAAP financial measures exclude items that, either by their nature or amount, management would not expect to occur as part of the Company’s normal business on a regular basis, such as restructuring charges, charges for certain litigation and tax matters, acquisition-related costs, gains and losses from certain divestitures and certain other unusual, non-recurring items. Investors and analysts use these financial measures in assessing the Company’s business performance, and management believes that presenting these financial measures on a non-GAAP basis provides them with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends. These non-GAAP financial measures also enhance the ability to compare period-to-period financial results. See “Non-GAAP Reconciliations” for the three and nine months ended September 30, 2024 and 2023 included with this release for a reconciliation of these financial measures to the related GAAP measures.
The Company uses these financial measures internally in its budgeting process, to evaluate segment and overall operating performance and as factors in determining compensation. While the Company believes that these financial measures are useful in evaluating the Company’s underlying business performance and trends, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.
As management uses free cash flow before dividends to evaluate the Company’s ability to satisfy current and future obligations, pay dividends, fund future business opportunities and repurchase stock, the Company believes that it provides useful information to investors. Free cash flow before dividends is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. See “Condensed Consolidated Statements of Cash Flows” for the nine months ended September 30, 2024 and 2023 for a comparison of free cash flow before dividends to Net cash provided by operations as reported in accordance with GAAP.
(See attached tables for third quarter results.)
|
|
|
|
Table 1 |
|||||
Colgate-Palmolive Company |
|||||||||
|
|||||||||
Condensed Consolidated Statements of Income |
|||||||||
|
|||||||||
For the Three Months Ended September 30, 2024 and 2023 |
|||||||||
|
|||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) |
|||||||||
|
|||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|||||
Net sales |
|
$ |
5,033 |
|
|
$ |
4,915 |
|
|
|
|
|
|
|
|||||
Cost of sales |
|
|
1,959 |
|
|
|
2,038 |
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
3,074 |
|
|
|
2,877 |
|
|
|
|
|
|
|
|||||
Gross profit margin |
|
|
61.1 |
% |
|
|
58.5 |
% |
|
|
|
|
|
|
|||||
Selling, general and administrative expenses |
|
|
1,979 |
|
|
|
1,822 |
|
|
|
|
|
|
|
|||||
Other (income) expense, net |
|
|
30 |
|
|
|
26 |
|
|
|
|
|
|
|
|||||
Operating profit |
|
|
1,065 |
|
|
|
1,029 |
|
|
|
|
|
|
|
|||||
Operating profit margin |
|
|
21.2 |
% |
|
|
20.9 |
% |
|
|
|
|
|
|
|||||
Non-service related postretirement costs |
|
|
23 |
|
|
|
15 |
|
|
|
|
|
|
|
|||||
Interest (income) expense, net |
|
|
56 |
|
|
|
58 |
|
|
|
|
|
|
|
|||||
Income before income taxes |
|
|
986 |
|
|
|
956 |
|
|
|
|
|
|
|
|||||
Provision for income taxes |
|
|
210 |
|
|
|
209 |
|
|
|
|
|
|
|
|||||
Effective tax rate |
|
|
21.3 |
% |
|
|
21.9 |
% |
|
|
|
|
|
|
|||||
Net income including noncontrolling interests |
|
|
776 |
|
|
|
747 |
|
|
|
|
|
|
|
|||||
Less: Net income attributable to noncontrolling interests |
|
|
39 |
|
|
|
39 |
|
|
|
|
|
|
|
|||||
Net income attributable to Colgate-Palmolive Company |
|
$ |
737 |
|
|
$ |
708 |
|
|
|
|
|
|
|
|||||
Earnings per common share |
|
|
|
|
|||||
Basic |
|
$ |
0.90 |
|
|
$ |
0.86 |
|
|
Diluted |
|
$ |
0.90 |
|
|
$ |
0.86 |
|
|
|
|
|
|
|
|||||
Supplemental Income Statement Information |
|
|
|
|
|||||
Average common shares outstanding |
|
|
|
|
|||||
Basic |
|
|
817.7 |
|
|
|
825.6 |
|
|
Diluted |
|
|
822.5 |
|
|
|
827.3 |
|
|
|
|
|
|
|
|||||
Advertising |
|
$ |
694 |
|
|
$ |
598 |
|
|
|
|
|
|
Table 2 |
|||||
Colgate-Palmolive Company |
|||||||||
|
|||||||||
Condensed Consolidated Statements of Income |
|||||||||
|
|||||||||
For the Nine Months Ended September 30, 2024 and 2023 |
|||||||||
|
|||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) |
|||||||||
|
|||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|||||
Net sales |
|
$ |
15,156 |
|
|
$ |
14,507 |
|
|
|
|
|
|
|
|||||
Cost of sales |
|
|
5,977 |
|
|
|
6,131 |
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
9,179 |
|
|
|
8,376 |
|
|
|
|
|
|
|
|||||
Gross profit margin |
|
|
60.6 |
% |
|
|
57.7 |
% |
|
|
|
|
|
|
|||||
Selling, general and administrative expenses |
|
|
5,833 |
|
|
|
5,348 |
|
|
|
|
|
|
|
|||||
Other (income) expense, net |
|
|
141 |
|
|
|
116 |
|
|
|
|
|
|
|
|||||
Operating profit |
|
|
3,205 |
|
|
|
2,912 |
|
|
|
|
|
|
|
|||||
Operating profit margin |
|
|
21.1 |
% |
|
|
20.1 |
% |
|
|
|
|
|
|
|||||
Non-service related postretirement costs |
|
|
67 |
|
|
|
338 |
|
|
|
|
|
|
|
|||||
Interest (income) expense, net |
|
|
175 |
|
|
|
170 |
|
|
|
|
|
|
|
|||||
Income before income taxes |
|
|
2,963 |
|
|
|
2,404 |
|
|
|
|
|
|
|
|||||
Provision for income taxes |
|
|
693 |
|
|
|
709 |
|
|
|
|
|
|
|
|||||
Effective tax rate |
|
|
23.4 |
% |
|
|
29.5 |
% |
|
|
|
|
|
|
|||||
Net income including noncontrolling interests |
|
|
2,270 |
|
|
|
1,695 |
|
|
|
|
|
|
|
|||||
Less: Net income attributable to noncontrolling interests |
|
|
120 |
|
|
|
113 |
|
|
|
|
|
|
|
|||||
Net income attributable to Colgate-Palmolive Company |
|
$ |
2,150 |
|
|
$ |
1,582 |
|
|
|
|
|
|
|
|||||
Earnings per common share |
|
|
|
|
|||||
Basic(1) |
|
$ |
2.62 |
|
|
$ |
1.91 |
|
|
Diluted(1) |
|
$ |
2.61 |
|
|
$ |
1.90 |
|
|
|
|
|
|
|
|||||
Supplemental Income Statement Information |
|
|
|
|
|||||
Average common shares outstanding |
|
|
|
|
|||||
Basic |
|
|
820.1 |
|
|
|
828.8 |
|
|
Diluted |
|
|
824.2 |
|
|
|
830.5 |
|
|
|
|
|
|
|
|||||
Advertising |
|
$ |
2,072 |
|
|
$ |
1,778 |
|
Note: |
(1) Basic and diluted earnings per share are computed independently for each quarter and any year-to-date period presented. As a result of changes in shares outstanding during the year and rounding, the sum of the quarters' earnings per share may not equal the earnings per share for any year-to-date period. |
|
|
|
|
|
|
Table 3 |
||||||
Colgate-Palmolive Company |
||||||||||||
|
||||||||||||
Condensed Consolidated Balance Sheets |
||||||||||||
|
||||||||||||
As of September 30, 2024, December 31, 2023 and September 30, 2023 |
||||||||||||
|
||||||||||||
(Dollars in Millions) (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
September 30, |
|
December 31, |
|
September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Cash and cash equivalents |
|
$ |
1,234 |
|
|
$ |
966 |
|
|
$ |
951 |
|
Receivables, net |
|
|
1,712 |
|
|
|
1,586 |
|
|
|
1,577 |
|
Inventories |
|
|
2,041 |
|
|
|
1,934 |
|
|
|
1,931 |
|
Other current assets |
|
|
819 |
|
|
|
793 |
|
|
|
898 |
|
Property, plant and equipment, net |
|
|
4,421 |
|
|
|
4,582 |
|
|
|
4,409 |
|
Goodwill |
|
|
3,389 |
|
|
|
3,410 |
|
|
|
3,327 |
|
Other intangible assets, net |
|
|
1,834 |
|
|
|
1,887 |
|
|
|
1,861 |
|
Other assets |
|
|
1,324 |
|
|
|
1,235 |
|
|
|
1,089 |
|
Total assets |
|
$ |
16,774 |
|
|
$ |
16,393 |
|
|
$ |
16,043 |
|
|
|
|
|
|
|
|
||||||
Total debt |
|
$ |
8,436 |
|
|
$ |
8,549 |
|
|
$ |
8,724 |
|
Other current liabilities |
|
|
5,038 |
|
|
|
4,411 |
|
|
|
4,568 |
|
Other non-current liabilities |
|
|
2,464 |
|
|
|
2,476 |
|
|
|
2,345 |
|
Total liabilities |
|
|
15,938 |
|
|
|
15,436 |
|
|
|
15,637 |
|
Total Colgate-Palmolive Company shareholders’ equity |
|
|
435 |
|
|
|
609 |
|
|
|
(9 |
) |
Noncontrolling interests |
|
|
401 |
|
|
|
348 |
|
|
|
415 |
|
Total liabilities and equity |
|
$ |
16,774 |
|
|
$ |
16,393 |
|
|
$ |
16,043 |
|
|
|
|
|
|
|
|
||||||
Supplemental Balance Sheet Information |
|
|
|
|
|
|
||||||
Debt less cash, cash equivalents and marketable securities(1) |
|
$ |
6,942 |
|
|
$ |
7,404 |
|
|
$ |
7,526 |
|
Working capital % of sales |
|
|
(3.6 |
)% |
|
|
(1.4 |
)% |
|
|
(2.1 |
)% |
Note: |
(1) Marketable securities of |
|
|
|
|
Table 4 |
||||
Colgate-Palmolive Company |
||||||||
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
|
||||||||
For the Nine Months Ended September 30, 2024 and 2023 |
||||||||
|
||||||||
(Dollars in Millions) (Unaudited) |
||||||||
|
|
|
|
|
||||
|
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
|
||||
Net income including noncontrolling interests |
|
$ |
2,270 |
|
|
$ |
1,695 |
|
Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operations: |
|
|
||||||
Depreciation and amortization |
|
|
457 |
|
|
|
417 |
|
ERISA litigation matter |
|
|
— |
|
|
|
267 |
|
Restructuring and termination benefits, net of cash |
|
|
54 |
|
|
|
(17 |
) |
Stock-based compensation expense |
|
|
108 |
|
|
|
97 |
|
Deferred income taxes |
|
|
(98 |
) |
|
|
(109 |
) |
Cash effects of changes in: |
|
|
|
|
||||
Receivables |
|
|
(184 |
) |
|
|
(62 |
) |
Inventories |
|
|
(94 |
) |
|
|
150 |
|
Accounts payable and other accruals |
|
|
327 |
|
|
|
168 |
|
Other non-current assets and liabilities |
|
|
(2 |
) |
|
|
3 |
|
Net cash provided by (used in) operations |
|
|
2,838 |
|
|
|
2,609 |
|
|
|
|
|
|
||||
Investing Activities |
|
|
|
|
||||
Capital expenditures |
|
|
(377 |
) |
|
|
(508 |
) |
Purchases of marketable securities and investments |
|
|
(358 |
) |
|
|
(324 |
) |
Proceeds from sale of marketable securities and investments |
|
|
260 |
|
|
|
264 |
|
Other investing activities |
|
|
21 |
|
|
|
(31 |
) |
Net cash provided by (used in) investing activities |
|
|
(454 |
) |
|
|
(599 |
) |
|
|
|
|
|
||||
Financing Activities |
|
|
|
|
||||
Short-term borrowing (repayment) less than 90 days, net |
|
|
337 |
|
|
|
(564 |
) |
Principal payments of debt |
|
|
(502 |
) |
|
|
(903 |
) |
Proceeds from issuance of debt |
|
|
2 |
|
|
|
1,497 |
|
Dividends paid |
|
|
(1,275 |
) |
|
|
(1,243 |
) |
Purchases of treasury shares |
|
|
(1,284 |
) |
|
|
(883 |
) |
Proceeds from exercise of stock options |
|
|
611 |
|
|
|
325 |
|
Other financing activities |
|
|
1 |
|
|
|
(30 |
) |
Net cash provided by (used in) financing activities |
|
|
(2,110 |
) |
|
|
(1,801 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on Cash and cash equivalents |
|
|
(6 |
) |
|
|
(33 |
) |
Net increase (decrease) in Cash and cash equivalents |
|
|
268 |
|
|
|
176 |
|
Cash and cash equivalents at beginning of the period |
|
|
966 |
|
|
|
775 |
|
Cash and cash equivalents at end of the period |
|
$ |
1,234 |
|
|
$ |
951 |
|
|
|
|
|
|
||||
Supplemental Cash Flow Information |
|
|
|
|
||||
Free cash flow before dividends (Net cash provided by operations less Capital expenditures) |
|
|
|
|
||||
Net cash provided by operations |
|
$ |
2,838 |
|
|
$ |
2,609 |
|
Less: Capital expenditures |
|
|
(377 |
) |
|
|
(508 |
) |
Free cash flow before dividends |
|
$ |
2,461 |
|
|
$ |
2,101 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Income taxes paid |
|
$ |
762 |
|
|
$ |
726 |
|
Interest paid |
|
$ |
267 |
|
|
$ |
243 |
|
|
|
|
|
|
|
|
|
Table 5 |
||||||||
Colgate-Palmolive Company |
||||||||||||||||
|
|
|
|
|
||||||||||||
Segment Information |
||||||||||||||||
|
|
|
|
|
||||||||||||
For the Three and Nine Months Ended September 30, 2024 and 2023 |
||||||||||||||||
|
|
|
|
|
||||||||||||
(Dollars in Millions) (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Sales |
|
|
|
|
|
|
|
|
||||||||
Oral, Personal and Home Care |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
1,004 |
|
|
$ |
1,025 |
|
|
$ |
3,076 |
|
|
$ |
3,044 |
|
|
|
|
1,156 |
|
|
|
1,194 |
|
|
|
3,676 |
|
|
|
3,447 |
|
|
|
|
744 |
|
|
|
690 |
|
|
|
2,102 |
|
|
|
1,935 |
|
|
|
|
725 |
|
|
|
682 |
|
|
|
2,133 |
|
|
|
2,084 |
|
|
|
|
278 |
|
|
|
266 |
|
|
|
827 |
|
|
|
822 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Oral, Personal and Home Care |
|
|
3,907 |
|
|
|
3,857 |
|
|
|
11,814 |
|
|
|
11,332 |
|
|
|
|
|
|
|
|
|
|
||||||||
Pet Nutrition |
|
|
1,126 |
|
|
|
1,058 |
|
|
|
3,342 |
|
|
|
3,175 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Net Sales |
|
$ |
5,033 |
|
|
$ |
4,915 |
|
|
$ |
15,156 |
|
|
$ |
14,507 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating Profit |
|
|
|
|
|
|
|
|
||||||||
Oral, Personal and Home Care |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
206 |
|
|
$ |
227 |
|
|
$ |
633 |
|
|
$ |
640 |
|
|
|
|
365 |
|
|
|
372 |
|
|
|
1,187 |
|
|
|
1,050 |
|
|
|
|
181 |
|
|
|
165 |
|
|
|
502 |
|
|
|
422 |
|
|
|
|
199 |
|
|
|
193 |
|
|
|
602 |
|
|
|
564 |
|
|
|
|
65 |
|
|
|
66 |
|
|
|
195 |
|
|
|
196 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Oral, Personal and Home Care |
|
|
1,016 |
|
|
|
1,024 |
|
|
|
3,119 |
|
|
|
2,873 |
|
|
|
|
|
|
|
|
|
|
||||||||
Pet Nutrition |
|
|
258 |
|
|
|
201 |
|
|
|
691 |
|
|
|
575 |
|
Corporate(2) |
|
|
(208 |
) |
|
|
(196 |
) |
|
|
(605 |
) |
|
|
(536 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total Operating Profit |
|
$ |
1,065 |
|
|
$ |
1,029 |
|
|
$ |
3,205 |
|
|
$ |
2,912 |
|
Notes: Tables may not sum due to rounding. |
(1) The Company has recast its historical geographic segment information to conform to the reporting structure effective as of July 1, 2024. |
(2) Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs, restructuring and related implementation charges and gains and losses on sales of non-core product lines and assets. |
|
Corporate Operating profit (loss) for the three months ended September 30, 2024 and September 30, 2023 included charges resulting from the 2022 Global Productivity Initiative of |
|
Corporate Operating profit (loss) for the nine months ended September 30, 2024 included charges resulting from the 2022 Global Productivity Initiative of |
|
Corporate Operating profit (loss) for the nine months ended September 30, 2023 included product recall costs of |
Table 6 |
||||||||||||||||||
Colgate-Palmolive Company |
||||||||||||||||||
|
||||||||||||||||||
Geographic Sales Analysis Percentage Changes |
||||||||||||||||||
|
||||||||||||||||||
For the Three Months Ended September 30, 2024 vs. 2023 |
||||||||||||||||||
|
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
COMPONENTS OF SALES CHANGE |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Pricing |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Coupons |
|
|
||||||
|
|
Sales |
|
|
|
|
|
|
|
Consumer & |
|
|
||||||
|
|
Change |
|
Organic |
|
As Reported |
|
Organic |
|
Trade |
|
Foreign |
||||||
Region |
|
As Reported |
|
Sales Change |
|
Volume |
|
Volume |
|
Incentives |
|
Exchange |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Company |
|
2.4 |
% |
|
6.8 |
% |
|
3.7 |
% |
|
3.7 |
% |
|
3.1 |
% |
|
(4.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
(2.1 |
)% |
|
(1.9 |
)% |
|
1.2 |
% |
|
1.2 |
% |
|
(3.2 |
)% |
|
(0.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
(3.2 |
)% |
|
14.2 |
% |
|
3.3 |
% |
|
3.3 |
% |
|
10.9 |
% |
|
(17.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
8.0 |
% |
|
6.3 |
% |
|
4.1 |
% |
|
4.1 |
% |
|
2.2 |
% |
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
6.3 |
% |
|
6.1 |
% |
|
6.5 |
% |
|
6.5 |
% |
|
(0.3 |
)% |
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
4.8 |
% |
|
10.8 |
% |
|
6.9 |
% |
|
6.9 |
% |
|
3.9 |
% |
|
(6.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total CP Products |
|
1.3 |
% |
|
6.8 |
% |
|
3.7 |
% |
|
3.7 |
% |
|
3.1 |
% |
|
(5.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hill’s |
|
6.3 |
% |
|
6.5 |
% |
|
3.6 |
% |
|
3.6 |
% |
|
2.8 |
% |
|
(0.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Emerging Markets(2) |
|
1.0 |
% |
|
11.1 |
% |
|
4.6 |
% |
|
4.6 |
% |
|
6.5 |
% |
|
(10.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Developed Markets |
|
3.6 |
% |
|
3.2 |
% |
|
3.0 |
% |
|
3.0 |
% |
|
0.2 |
% |
|
0.4 |
% |
Notes: Table may not sum due to rounding. |
|
(1) The Company has recast its historical geographic segment information to conform to the reporting structure effective as of July 1, 2024.
(2) Emerging Markets include |
Table 7 |
||||||||||||||||||
Colgate-Palmolive Company |
||||||||||||||||||
|
||||||||||||||||||
Geographic Sales Analysis Percentage Changes |
||||||||||||||||||
|
||||||||||||||||||
For the Nine Months Ended September 30, 2024 vs. 2023 |
||||||||||||||||||
|
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
COMPONENTS OF SALES CHANGE |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Pricing |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Coupons |
|
|
||||||
|
|
Sales |
|
|
|
|
|
|
|
Consumer & |
|
|
||||||
|
|
Change |
|
Organic |
|
As Reported |
|
Organic |
|
Trade |
|
Foreign |
||||||
Region |
|
As Reported |
|
Sales Change |
|
Volume |
|
Volume |
|
Incentives |
|
Exchange |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Company |
|
4.5 |
% |
|
8.5 |
% |
|
3.3 |
% |
|
3.3 |
% |
|
5.2 |
% |
|
(4.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
1.1 |
% |
|
1.1 |
% |
|
2.8 |
% |
|
2.8 |
% |
|
(1.7 |
)% |
|
(0.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
6.6 |
% |
|
19.4 |
% |
|
5.0 |
% |
|
5.0 |
% |
|
14.5 |
% |
|
(12.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
8.6 |
% |
|
7.4 |
% |
|
4.9 |
% |
|
4.9 |
% |
|
2.5 |
% |
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
2.4 |
% |
|
4.1 |
% |
|
2.2 |
% |
|
2.2 |
% |
|
2.0 |
% |
|
(1.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
0.7 |
% |
|
14.5 |
% |
|
6.4 |
% |
|
6.4 |
% |
|
8.2 |
% |
|
(13.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total CP Products |
|
4.3 |
% |
|
9.3 |
% |
|
4.0 |
% |
|
4.0 |
% |
|
5.3 |
% |
|
(5.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hill’s |
|
5.2 |
% |
|
5.6 |
% |
|
0.7 |
% |
|
0.7 |
% |
|
4.9 |
% |
|
(0.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Emerging Markets(2) |
|
4.8 |
% |
|
13.8 |
% |
|
4.1 |
% |
|
4.1 |
% |
|
9.7 |
% |
|
(9.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Developed Markets |
|
4.2 |
% |
|
4.2 |
% |
|
2.6 |
% |
|
2.6 |
% |
|
1.6 |
% |
|
— |
% |
Notes: Table may not sum due to rounding. |
|
(1) The Company has recast its historical geographic segment information to conform to the reporting structure effective as of July 1, 2024.
(2) Emerging Markets include |
Table 8 |
|||||||||||
Colgate-Palmolive Company |
|||||||||||
|
|||||||||||
Non-GAAP Reconciliations |
|||||||||||
|
|||||||||||
For the Three Months Ended September 30, 2024 and 2023 |
|||||||||||
|
|||||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) |
|||||||||||
|
|||||||||||
Gross Profit |
|
2024 |
|
|
|
2023 |
|
|
|
||
Gross profit, GAAP |
$ |
3,074 |
|
|
$ |
2,877 |
|
|
|
||
2022 Global Productivity Initiative |
|
9 |
|
|
|
1 |
|
|
|
||
Gross profit, non-GAAP |
$ |
3,083 |
|
|
$ |
2,878 |
|
|
|
||
|
|
|
|
|
|
||||||
|
|
|
|
|
Basis Point |
||||||
Gross Profit Margin |
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Gross profit margin, GAAP |
|
61.1 |
% |
|
|
58.5 |
% |
|
260 |
|
|
2022 Global Productivity Initiative |
|
0.2 |
% |
|
|
0.1 |
% |
|
|
||
Gross profit margin, non-GAAP |
|
61.3 |
% |
|
|
58.6 |
% |
|
270 |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Selling, General and Administrative Expenses |
|
2024 |
|
|
|
2023 |
|
|
|
||
Selling, general and administrative expenses, GAAP |
$ |
1,979 |
|
|
$ |
1,822 |
|
|
|
||
2022 Global Productivity Initiative |
|
(3 |
) |
|
|
— |
|
|
|
||
Selling, general and administrative expenses, non-GAAP |
$ |
1,976 |
|
|
$ |
1,822 |
|
|
|
||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Other (Income) Expense, Net |
|
2024 |
|
|
|
2023 |
|
|
|
||
Other (income) expense, net, GAAP |
$ |
30 |
|
|
$ |
26 |
|
|
|
||
2022 Global Productivity Initiative |
|
(3 |
) |
|
|
(1 |
) |
|
|
||
Other (income) expense, net, non-GAAP |
$ |
27 |
|
|
$ |
25 |
|
|
|
||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Operating Profit |
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
Operating profit, GAAP |
$ |
1,065 |
|
|
$ |
1,029 |
|
|
4 |
% |
|
2022 Global Productivity Initiative |
|
15 |
|
|
|
2 |
|
|
|
||
Operating profit, non-GAAP |
$ |
1,080 |
|
|
$ |
1,031 |
|
|
5 |
% |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Basis Point |
||||||
Operating Profit Margin |
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Operating profit margin, GAAP |
|
21.2 |
% |
|
|
20.9 |
% |
|
30 |
|
|
2022 Global Productivity Initiative |
|
0.3 |
% |
|
|
0.1 |
% |
|
|
||
Operating profit margin, non-GAAP |
|
21.5 |
% |
|
|
21.0 |
% |
|
50 |
|
Table 8 |
||||||||||||||||||||||
Continued |
||||||||||||||||||||||
Colgate-Palmolive Company |
||||||||||||||||||||||
|
||||||||||||||||||||||
Non-GAAP Reconciliations |
||||||||||||||||||||||
|
||||||||||||||||||||||
For the Three Months Ended September 30, 2024 and 2023 |
||||||||||||||||||||||
|
||||||||||||||||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
2024 |
|||||||||||||||||||||
|
Income
|
|
Provision
|
|
Net Income
|
|
Less: Income
|
|
Net Income
|
|
Effective
|
|
Diluted
|
|||||||||
As Reported GAAP |
$ |
986 |
|
$ |
210 |
|
$ |
776 |
|
$ |
39 |
|
$ |
737 |
|
21.3 |
% |
|
$ |
0.90 |
||
2022 Global Productivity Initiative |
|
15 |
|
|
2 |
|
|
13 |
|
|
— |
|
|
13 |
|
(0.1 |
)% |
|
|
0.01 |
||
Non-GAAP |
$ |
1,001 |
|
$ |
212 |
|
$ |
789 |
|
$ |
39 |
|
$ |
750 |
|
21.2 |
% |
|
$ |
0.91 |
||
|
||||||||||||||||||||||
|
||||||||||||||||||||||
|
2023 |
|||||||||||||||||||||
|
Income
|
|
Provision
|
|
Net Income
|
|
Less: Income
|
|
Net Income
|
|
Effective
|
|
Diluted
|
|||||||||
As Reported GAAP |
$ |
956 |
|
$ |
209 |
|
$ |
747 |
|
$ |
39 |
|
$ |
708 |
|
21.9 |
% |
|
$ |
0.86 |
||
2022 Global Productivity Initiative |
|
2 |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
(0.1 |
)% |
|
|
— |
||
Non-GAAP |
$ |
958 |
|
$ |
209 |
|
$ |
749 |
|
$ |
39 |
|
$ |
710 |
|
21.8 |
% |
|
$ |
0.86 |
Notes: The impact of non-GAAP adjustments may not necessarily equal the difference between “GAAP” and “non-GAAP” as a result of rounding. |
|
(1) The income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.
(2) The impact of non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income before income taxes and Provision for income taxes. |
Table 9 |
|||||||||||
Colgate-Palmolive Company |
|||||||||||
|
|||||||||||
Non-GAAP Reconciliations |
|||||||||||
|
|||||||||||
For the Nine Months Ended September 30, 2024 and 2023 |
|||||||||||
|
|||||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) |
|||||||||||
|
|
|
|
|
|
||||||
Gross Profit |
|
2024 |
|
|
|
2023 |
|
|
|
||
Gross profit, GAAP |
$ |
9,179 |
|
|
$ |
8,376 |
|
|
|
||
2022 Global Productivity Initiative |
|
19 |
|
|
|
1 |
|
|
|
||
Gross profit, non-GAAP |
$ |
9,198 |
|
|
$ |
8,377 |
|
|
|
||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Gross Profit Margin |
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Gross profit margin, GAAP |
|
60.6 |
% |
|
|
57.7 |
% |
|
290 |
|
|
2022 Global Productivity Initiative |
|
0.1 |
% |
|
|
— |
% |
|
|
||
Gross profit margin, non-GAAP |
|
60.7 |
% |
|
|
57.7 |
% |
|
300 |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Selling, General and Administrative Expenses |
|
2024 |
|
|
|
2023 |
|
|
|
||
Selling, general and administrative expenses, GAAP |
$ |
5,833 |
|
|
$ |
5,348 |
|
|
|
||
2022 Global Productivity Initiative |
|
(4 |
) |
|
|
(2 |
) |
|
|
||
Selling, general and administrative expenses, non-GAAP |
$ |
5,829 |
|
|
$ |
5,346 |
|
|
|
||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Other (Income) Expense, Net |
|
2024 |
|
|
|
2023 |
|
|
|
||
Other (income) expense, net, GAAP |
$ |
141 |
|
|
$ |
116 |
|
|
|
||
2022 Global Productivity Initiative |
|
(54 |
) |
|
|
(22 |
) |
|
|
||
Product recall costs |
|
— |
|
|
|
(25 |
) |
|
|
||
Other (income) expense, net, non-GAAP |
$ |
87 |
|
|
$ |
69 |
|
|
|
||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Operating Profit |
|
2024 |
|
|
|
2023 |
|
|
% Change |
||
Operating profit, GAAP |
$ |
3,205 |
|
|
$ |
2,912 |
|
|
10 |
% |
|
2022 Global Productivity Initiative |
|
77 |
|
|
|
25 |
|
|
|
||
Product recall costs |
|
— |
|
|
|
25 |
|
|
|
||
Operating profit, non-GAAP |
$ |
3,282 |
|
|
$ |
2,962 |
|
|
11 |
% |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Basis Point |
||||||
Operating Profit Margin |
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Operating profit margin, GAAP |
|
21.1 |
% |
|
|
20.1 |
% |
|
100 |
|
|
2022 Global Productivity Initiative |
|
0.6 |
% |
|
|
0.1 |
% |
|
|
||
Product recall costs |
|
— |
% |
|
|
0.2 |
% |
|
|
||
Operating profit margin, non-GAAP |
|
21.7 |
% |
|
|
20.4 |
% |
|
130 |
|
|
|
|||||||||||
|
|
|
|
|
|
||||||
Non-Service Related Postretirement Costs |
|
2024 |
|
|
|
2023 |
|
|
|
||
Non-service related postretirement costs, GAAP |
$ |
67 |
|
|
$ |
338 |
|
|
|
||
ERISA litigation matter |
|
— |
|
|
|
(267 |
) |
|
|
||
2022 Global Productivity Initiative |
|
— |
|
|
|
(4 |
) |
|
|
||
Non-service related postretirement costs, non-GAAP |
$ |
67 |
|
|
$ |
67 |
|
|
|
||
|
|
|
|
|
|
Table 9 |
|||||||||||||||||||||||
Continued |
|||||||||||||||||||||||
Colgate-Palmolive Company |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
Non-GAAP Reconciliations |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
For the Nine Months Ended September 30, 2024 and 2023 |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
(Dollars in Millions Except Per Share Amounts) (Unaudited) |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
2024 |
||||||||||||||||||||||
|
Income
|
|
Provision
|
|
Net Income
|
|
Less: Income
|
|
Net Income
Colgate-
|
|
Effective
|
|
Diluted
|
||||||||||
As Reported GAAP |
$ |
2,963 |
|
$ |
693 |
|
|
$ |
2,270 |
|
$ |
120 |
|
$ |
2,150 |
|
23.4 |
% |
|
$ |
2.61 |
||
2022 Global Productivity Initiative |
|
77 |
|
|
10 |
|
|
|
67 |
|
|
— |
|
|
67 |
|
(0.3 |
)% |
|
|
0.08 |
||
Non-GAAP |
$ |
3,040 |
|
$ |
703 |
|
|
$ |
2,337 |
|
$ |
120 |
|
$ |
2,217 |
|
23.1 |
% |
|
$ |
2.69 |
||
|
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
2023 |
||||||||||||||||||||||
|
Income
|
|
Provision
|
|
Net Income
|
|
Less: Income
|
|
Net Income
Colgate-
|
|
Effective
|
|
Diluted
|
||||||||||
As Reported GAAP |
$ |
2,404 |
|
$ |
709 |
|
|
$ |
1,695 |
|
$ |
113 |
|
$ |
1,582 |
|
29.5 |
% |
|
$ |
1.90 |
||
ERISA litigation matter |
|
267 |
|
|
55 |
|
|
|
212 |
|
|
— |
|
|
212 |
|
(0.9 |
)% |
|
|
0.26 |
||
Foreign tax matter |
|
— |
|
|
(126 |
) |
|
|
126 |
|
|
— |
|
|
126 |
|
(4.7 |
)% |
|
|
0.15 |
||
2022 Global Productivity Initiative |
|
29 |
|
|
5 |
|
|
|
24 |
|
|
1 |
|
|
23 |
|
(0.1 |
)% |
|
|
0.03 |
||
Product recall costs |
|
25 |
|
|
6 |
|
|
|
19 |
|
|
— |
|
|
19 |
|
— |
% |
|
|
0.02 |
||
Non-GAAP |
$ |
2,725 |
|
$ |
649 |
|
|
$ |
2,076 |
|
$ |
114 |
|
$ |
1,962 |
|
23.8 |
% |
|
$ |
2.36 |
Notes: The impact of non-GAAP adjustments may not necessarily equal the difference between “GAAP” and “non-GAAP” as a result of rounding. |
|
(1) The income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. |
|
(2) The impact of non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustments on Income before income taxes and Provision for income taxes. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241025832799/en/
Investor Relations: investor_relations@colpal.com
Communications: colgate_palmolive_media_inquiry@colpal.com
Source: Colgate-Palmolive Company
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