Consumer goods company Colgate-Palmolive (NYSE: CL) on Friday reported second-quarter results that were in line with the Wall Street projections.
Q2 revenues of $3.87 billion, which were almost flat year-over-year, were hurt by higher raw material and advertising costs, as well as currency headwinds. Analysts had projected Q2 revenues of $3.88 billion.
Earnings, on an adjusted basis, fell 6% to 72 cents per share, in line with the street estimates.
Colgate stock gained 1% following the announcement of the results. CL shares have gained 22% so far this year.
In North America, despite revenues increasing 2.5% year-over-year, operating profits were down 4%. This was primarily due to higher raw and packaging material costs, partially offset by cost savings from the company’s funding-the-growth initiatives.
CEO Noel Wallace said, “Colgate’s leadership of the global toothpaste market continued during the quarter with our global market share at 41.4% year to date. Our global leadership in manual toothbrushes also continued with Colgate’s global market share in that category at 31.7% year to date.”
The company continues to expect 2019 net sales to be flat to up low-single-digits, with organic sales up between 2% and 4%. Excluding certain one-time costs, Colgate continue to plan for a year of gross margin expansion, increased advertising investment and a mid-single-digit decline in earnings per share.
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