Colgate-Palmolive
easily beat quarterly earnings and sales estimates and lifted guidance thanks to higher prices.
Colgate-Palmolive
(ticker: CL) posted third-quarter adjusted earnings of 86 cents, up from the year-ago quarter and above Wall Street estimates of 80 cents, according to FactSet.
Net sales for the consumer products company were $4.92 billion, higher than analysts’ expectations of $4.81 billion. In the year-ago quarter sales were $4.46 billion. Across the company, prices rose 9.5% year over year.
“The momentum in our business and the strength of our profit and cash flow performance adds to our confidence that we are executing the right strategies to deliver on our raised 2023 financial targets and generate long-term value for our stakeholders,” CEO Noel Wallace said in a press release.
Colgate increased its full-year growth guidance for adjusted earnings per share to high-single digits from an earlier forecast of the high end of mid-single digits.
The company also raised sales estimates, saying it now expects net sales growth of 6% to 8% from a prior range of 5% to 8%, and organic sales growth of 7% to 8% from a previous call for 5% to 7%.
Shares were up 1.9% to $74.43 on Friday.
Write to Emily Dattilo at emily.dattilo@dowjones.com
Read the full article here