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Colgate Announces 3rd Quarter 2024 Results

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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 점유율수동 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.

Positive
  • 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%
Negative
  • 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 6.8% demonstrates robust pricing power and volume growth, while the gross margin expansion of 260 basis points to 61.1% shows effective cost management. Key highlights include:

The company's market leadership remains solid with 41.6% global toothpaste share and 32.3% in manual toothbrushes. The upgraded guidance for organic sales growth (7-8%) and EPS growth (10-11%) signals strong momentum heading into Q4.

Particularly noteworthy is the 16% increase in advertising investment while still delivering margin expansion, indicating confidence in growth initiatives. Latin America's 14.2% organic growth stands out despite currency headwinds.

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 6.5% organic growth and substantial margin improvement of 390 basis points, highlighting the strength in the premium pet nutrition category. The continued investment in advertising and innovation should help sustain this momentum.

NEW YORK--(BUSINESS WIRE)-- Colgate-Palmolive Company (NYSE:CL):

  • Net sales increased 2.4%; Organic sales* increased 6.8%
  • GAAP EPS increased 5% to $0.90; Base Business EPS* increased 6% to $0.91
  • GAAP Gross profit margin increased 260 basis points to 61.1%; Base Business Gross profit margin* increased 270 basis points to 61.3%
  • Net cash provided by operations was $2,838 million for the first nine months of 2024
  • 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

$5,033

$4,915

+2.4%

EPS (diluted)

$0.90

$0.86

+5%

 

 

 

 

 

 

 

 

Third Quarter Total Company Results (Base Business - Non-GAAP)*

 

2024

2023

Change

Organic Sales Growth

+6.8%

Base Business EPS (diluted)

$0.91

$0.86

+6%

*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 2.4% and organic sales grew 6.8% (on top of 8.8% organic sales growth in the year ago quarter) driven by a healthy balance of volume growth and higher pricing. Every operating division delivered positive volume growth for the second consecutive quarter as we focus on increasing household penetration to drive category growth and market shares.

“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 16% in the quarter behind science-led, core and premium innovation across price tiers. We expect continued strong advertising investment through the remainder of the year as we focus on building brand health and scaling the capabilities needed to drive growth.

“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% to 5% (versus 2% to 5% previously) including a mid-single-digit negative impact from foreign exchange.
  • The Company now expects organic sales growth of 7% to 8% (versus 6% to 8% 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% to 11% (versus 8% to 11% 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
(% change 3Q 2024 vs. 3Q 2023 except % of Total Company Sales)

 

 

 

 

% of Total
Company
Sales

Net
Sales

Organic
Sales*

As
Reported
Volume

Organic
Volume

Pricing

FX

North America(1)

20%

-2.1%

-1.9%

+1.2%

+1.2%

-3.2%

-0.2%

Latin America

23%

-3.2%

+14.2%

+3.3%

+3.3%

+10.9%

-17.4%

Europe(1)

15%

+8.0%

+6.3%

+4.1%

+4.1%

+2.2%

+1.6%

Asia Pacific

14%

+6.3%

+6.1%

+6.5%

+6.5%

-0.3%

+0.2%

Africa/Eurasia

6%

+4.8%

+10.8%

+6.9%

+6.9%

+3.9%

-6.0%

Hill’s

22%

+6.3%

+6.5%

+3.6%

+3.6%

+2.8%

-0.1%

 

 

 

 

 

 

 

 

Total Company

100%

+2.4%

+6.8%

+3.7%

+3.7%

+3.1%

-4.4%

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 Europe reportable operating segment are reported with the other skin health businesses in the North America reportable operating segment. Recast historical geographic segment information can be found on the Company's website.

 

*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
($ in millions)

 

 

3Q 2024

% Change vs
3Q 2023

% to Net
Sales

Change in basis
points vs 3Q 2023
% to Net Sales

North America(1)

$206

-9%

20.5%

-170

Latin America

$365

-2%

31.6%

+40

Europe(1)

$181

10%

24.3%

+30

Asia Pacific

$199

3%

27.4%

-90

Africa/Eurasia

$65

-1%

23.4%

-140

Hill’s

$258

28%

22.9%

+390

 

 

 

 

 

Total Company, As Reported

$1,065

4%

21.2%

+30

Total Company, Base Business*

$1,080

5%

21.5%

+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 Maine, EltaMD, Filorga, Irish Spring, Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. The Company is recognized for its leadership and innovation in promoting sustainability and community wellbeing, including its achievements in decreasing plastic waste and promoting recyclability, saving water, conserving natural resources and improving children’s oral health through the Colgate Bright Smiles, Bright Futures program, which has reached approximately 1.7 billion children and their families since 1991. For more information about Colgate’s global business and how the Company is building a future to smile about, visit www.colgatepalmolive.com. CL-E

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 Venezuela from all periods).

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 U.S. Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission (SEC) in its rules, regulations and releases) that set forth anticipated results based on management’s current plans and assumptions. Such statements may relate, for example, to sales or volume growth, net selling price increases, organic sales growth, profit or profit margin levels, earnings per share levels, financial goals, the impact of foreign exchange, the impact of the wars in Ukraine and the Middle East, cost-reduction plans (including the 2022 Global Productivity Initiative), tax rates, interest rates, new product introductions, digital capabilities, commercial investment levels, acquisitions, divestitures, share repurchases or legal or tax proceedings, among other matters. These statements are made on the basis of the Company’s views and assumptions as of this time and the Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, except as required by law or by the rules and regulations of the SEC. Moreover, the Company does not, nor does any other person, assume responsibility for the accuracy and completeness of these statements. The Company cautions investors that any such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from those statements. For more information about factors that could impact the Company’s business and cause actual results to differ materially from forward-looking statements, investors should refer to the Company’s filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC). Copies of these filings may be obtained upon request from the Company’s Investor Relations Department or on the Company’s website at www.colgatepalmolive.com.

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 $260, $179 and $247 as of September 30, 2024, December 31, 2023 and September 30, 2023, respectively, are included in Other current assets.

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America(1)

 

$

1,004

 

 

$

1,025

 

 

$

3,076

 

 

$

3,044

 

Latin America

 

 

1,156

 

 

 

1,194

 

 

 

3,676

 

 

 

3,447

 

Europe(1)

 

 

744

 

 

 

690

 

 

 

2,102

 

 

 

1,935

 

Asia Pacific

 

 

725

 

 

 

682

 

 

 

2,133

 

 

 

2,084

 

Africa/Eurasia

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America(1)

 

$

206

 

 

$

227

 

 

$

633

 

 

$

640

 

Latin America

 

 

365

 

 

 

372

 

 

 

1,187

 

 

 

1,050

 

Europe(1)

 

 

181

 

 

 

165

 

 

 

502

 

 

 

422

 

Asia Pacific

 

 

199

 

 

 

193

 

 

 

602

 

 

 

564

 

Africa/Eurasia

 

 

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 $15 and $2, respectively.

 

Corporate Operating profit (loss) for the nine months ended September 30, 2024 included charges resulting from the 2022 Global Productivity Initiative of $77.

 

Corporate Operating profit (loss) for the nine months ended September 30, 2023 included product recall costs of $25 and charges resulting from the 2022 Global Productivity Initiative of $25.

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

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

North America(1)

 

(2.1

)%

 

(1.9

)%

 

1.2

%

 

1.2

%

 

(3.2

)%

 

(0.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

(3.2

)%

 

14.2

%

 

3.3

%

 

3.3

%

 

10.9

%

 

(17.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe(1)

 

8.0

%

 

6.3

%

 

4.1

%

 

4.1

%

 

2.2

%

 

1.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

6.3

%

 

6.1

%

 

6.5

%

 

6.5

%

 

(0.3

)%

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa/Eurasia

 

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 Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe.

 

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

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

North America(1)

 

1.1

%

 

1.1

%

 

2.8

%

 

2.8

%

 

(1.7

)%

 

(0.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

6.6

%

 

19.4

%

 

5.0

%

 

5.0

%

 

14.5

%

 

(12.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Europe(1)

 

8.6

%

 

7.4

%

 

4.9

%

 

4.9

%

 

2.5

%

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia Pacific

 

2.4

%

 

4.1

%

 

2.2

%

 

2.2

%

 

2.0

%

 

(1.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa/Eurasia

 

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 Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe.

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
Before
Income
Taxes

 

Provision
For
Income
Taxes(1)

 

Net Income
Including
Noncontrolling
Interests

 

Less: Income
Attributable to
Noncontrolling
Interests

 

Net Income
Attributable To
Colgate-
Palmolive
Company

 

Effective
Income
Tax Rate(2)

 

Diluted
Earnings
Per Share

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
Before
Income
Taxes

 

Provision
For
Income
Taxes(1)

 

Net Income
Including
Noncontrolling
Interests

 

Less: Income
Attributable to
Noncontrolling
Interests

 

Net Income
Attributable To
Colgate-
Palmolive
Company

 

Effective
Income
Tax Rate(2)

 

Diluted
Earnings
Per Share

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
Before
Income Taxes

 

Provision
For
Income
Taxes(1)

 

Net Income
Including
Noncontrolling
Interests

 

Less: Income
Attributable to
Noncontrolling
Interests

 

Net Income
Attributable
To

Colgate-
Palmolive
Company

 

Effective
Income
Tax Rate(2)

 

Diluted
Earnings
Per Share

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
Before
Income Taxes

 

Provision
For
Income
Taxes(1)

 

Net Income
Including
Noncontrolling
Interests

 

Less: Income
Attributable to
Noncontrolling
Interests

 

Net Income
Attributable
To

Colgate-
Palmolive
Company

 

Effective
Income
Tax Rate(2)

 

Diluted
Earnings
Per Share

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.

 

Investor Relations: investor_relations@colpal.com

Communications: colgate_palmolive_media_inquiry@colpal.com

Source: Colgate-Palmolive Company

FAQ

What was Colgate's (CL) revenue growth in Q3 2024?

Colgate's net sales increased 2.4% to $5,033 million in Q3 2024, with organic sales growth of 6.8%.

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Colgate maintains a global market share of 41.6% in toothpaste year to date in 2024.

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Colgate updated its 2024 guidance to expect earnings per share growth of 10-11% on a non-GAAP basis.

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Colgate increased its advertising investment by 16% in Q3 2024.

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