Colgate Announces 4th Quarter and Full Year 2004 Results -
Worldwide Sales and Unit Volume Up Strongly NEW YORK, January 27,
2005 /PRNewswire-FirstCall/ -- Colgate-Palmolive Company (NYSE:CL)
today announced strong worldwide sales and unit volume growth for
fourth quarter 2004, with every operating division reporting
increases. Global sales and global unit volume grew 10.5% and 9.0%,
respectively, excluding divestments. The recently acquired GABA
business contributed 2.0% to both sales and volume in the quarter.
The 9.0% global unit volume growth for the quarter is the strongest
quarterly growth rate in nearly 10 years. Worldwide dollar sales as
reported increased 9.0%, which includes 3.0% positive foreign
exchange and 1.5% lower pricing due to increased commercial
spending. In line with previous guidance, fourth quarter and full
year 2004 results include $48 million of aftertax charges related
to the restructuring program announced on December 7, 2004.
Reported net income and diluted earnings per share were $285.7
million and $.50, respectively, including this restructuring
charge. Excluding the restructuring charge, net income in the
quarter was $333.7 million and diluted earnings per share was $.59.
In fourth quarter 2003 net income and diluted earnings per share
were $372.1 million and $.65, respectively. As reported, gross
profit margin was 54.8%, even with the year ago record quarter.
Excluding the restructuring charge, gross profit margin increased
20 basis points to 55.0%, another fourth quarter record and
somewhat ahead of expectations. Including the restructuring charge,
operating profit declined 17%. Excluding the charge, operating
profit declined 5% versus fourth quarter 2003 after a 13% increase
in total advertising worldwide. Global advertising spending was at
an all-time record level for the quarter led by a strong
double-digit global increase in media. Reuben Mark, Chairman and
CEO said, "We are pleased to end the year with excellent top-line
momentum. Global unit volume growth has increased sequentially in
every quarter of 2004 and we expect this top-line strength should
continue into 2005. We are particularly encouraged that global unit
volume for toothpaste was up more than 10% during the quarter.
Negative pricing trends were also somewhat mitigated, with fourth
quarter improving versus third. "The excellent volume performance
was driven by a stream of new products across all operating
divisions supported by aggressive levels of commercial spending. We
are pleased that the measures we've taken in key competitive
markets around the world appear to be working very well.
"Toothpaste market shares are up in more than 100 countries around
the world including such competitive markets as the U.S., Mexico,
China and Russia. "We also reached a new milestone in manual
toothbrushes during the year, with Colgate becoming the new global
market share leader in this category. "While we expected gross
profit margin to decline during the quarter, we were pleased it
increased 20 basis points, excluding the restructuring charge.
Since no restructuring savings were obtained in 2004, this increase
bodes well for our expected continued gross profit growth in 2005.
"Colgate's balance sheet also strengthened during the quarter with
key capitalization ratios improving. Cash flow provided by
operations in the quarter increased 7% versus the year ago period,
the highest quarterly increase this year. As previously reported,
full year cash flow was slightly below last year's record level,
reflecting one-time non-operating capital gains taxes paid during
the period from the prior sale of detergent businesses. Working
capital was 2.4% to sales at year-end, the lowest level during 2004
and only slightly above 2003's unusually low level." As disclosed
in December, the four-year restructuring program is projected to
result in cumulative charges of between $550 and $650 million
aftertax with annual aftertax savings projected to be in the range
of $250 to $300 million by the fourth year of the program. Fourth
quarter 2004 restructuring programs have been implemented as
planned. Fourth quarter 2004 results do not include any benefits
from the restructuring program as savings are expected to begin in
2005. Mr. Mark concluded, "Looking forward, we expect our growth
momentum to continue as we enter 2005. Our new product pipeline is
very full around the world and we are pleased that our global
restructuring program is on track and proceeding smoothly. "We are
optimistic that we will reach our profit expectations in 2005 and
that we are back on track to return to double-digit earnings growth
in 2006." For the full year 2004, global sales and global unit
volume grew 8.0% and 6.5%, respectively, excluding divestments. The
recently acquired GABA business contributed 1.0% to both sales and
volume. Worldwide dollar sales as reported increased 7.0%,
including 3.0% positive foreign exchange and 1.5% lower pricing due
to increased commercial spending. Net income as reported, which
includes the restructuring charge, was $1,327.1 million and diluted
earnings per share was $2.33. Excluding the restructuring charge,
net income was $1,375.1 million and diluted earnings per share was
$2.42. In 2003, net income and diluted earnings per share were
$1,421.3 million and $2.46, respectively. At 11:00 a.m. ET today,
Colgate will host a conference call to elaborate on fourth quarter
results. To access this call as a webcast, please go to Colgate's
web site at http://www.colgate.com/. The following are comments
about divisional performance. See attached Geographic Sales
Analysis and Segment Information schedules for additional
information on divisional sales and operating profit. North America
(22% of Company Sales) Positive growth momentum continued in North
America, fueled by new product sales and market share gains. Unit
volume grew 7.0%, with sales up 6.0% during the quarter. Consumer
takeaway of Colgate's products in the U.S. grew significantly
during the quarter, the strongest growth seen in over seven years.
North American operating profit increased 7% in the quarter.
Colgate strengthened its leadership of the U.S. toothpaste market
during 2004 with its national ACNielsen market share reaching a
record high at 34.8% for the year, up 60 basis points versus 2003
and over three full share points ahead of the number two
competitor. In the U.S., increased commercial spending behind both
new product launches and the base business is generating strong
volume and market share growth across categories. In oral care, new
testimonial advertising for Colgate Total toothpaste has helped
drive market share for the Colgate Total equity to an all-time high
for the year. The success of Colgate Max Fresh and Colgate Simply
White toothpastes also drove market share gains for the category.
New products contributing to growth in other categories include
Palmolive Oxy-Plus dishwashing liquid, Colgate Whitening manual
toothbrush and Suavitel Baby Powder Fresh fabric conditioner.
Positive growth momentum in the U.S. is expected to continue in
2005, driven by a full pipeline of new product launches supported
by heavy commercial spending. Colgate 360 Degree manual toothbrush,
Colgate Max Fresh Cinnamint and Colgate Sparkling White Vanilla
Mint toothpastes, Softsoap Radiance Exfoliating body wash and
Softsoap Shea Butter liquid hand soap are among the latest
announcements planned to start shipping early in 2005. Europe (25%
of Company Sales) European dollar sales and unit volume, excluding
divestments, grew 24.0% and 18.5%, respectively, during the
quarter. The GABA acquisition added 9.5% to both sales and volume
growth for the region. Strong volume gains were achieved in France,
Germany, Italy, Spain, the United Kingdom, Austria, Russia, Poland,
Turkey, Romania, Hungary, Ukraine and the Adria region. European
dollar sales and unit volume as reported, which reflect the
divestment of detergents in Europe, the GABA acquisition and the
8.5% positive effect of foreign exchange, increased 19.0% and
13.5%, respectively. Dollar operating profit increased 21% to an
all-time record level even after strongly increased commercial
spending behind Colgate brands during the quarter. Colgate
continued to strengthen its toothpaste leadership in Western Europe
during the quarter with market shares increasing in 15 out of 16
countries across the region. Successful new products driving these
gains include Colgate Sensitive Plus Whitening and Colgate Oxygen
toothpastes. Recent innovations contributing to share gains in
other categories are Colgate 360 Degree manual toothbrush,
Palmolive deodorants, Palmolive Aroma Cr�me shower gel and Soupline
Hearts fabric conditioner. Colgate also increased its toothpaste
market shares throughout Central Europe and Russia. New products
such as Colgate Sensitive, Colgate Herbal Propolis and Colgate
Propolis Whitening toothpastes drove gains along with a new
campaign for Colgate Total toothpaste that incorporates new
packaging and strong advertising that highlight the toothpaste's 12
hour protection against 12 tooth and gum problems. The success of
Colgate Massager manual toothbrush helped Colgate gain new
leadership in this category for the region while Palmolive Aroma
Cr�me shower gel, liquid hand soap and bar soap contributed to
growth in personal care. Latin America (22% of Company Sales) Latin
American dollar sales and unit volume, excluding divestments, grew
5.5% and 6.5%, respectively, in fourth quarter 2004 continuing the
strong momentum seen in this region throughout the year. Mexico,
Brazil, Colombia, Venezuela, Central America, Argentina, Chile,
Peru and Ecuador each contributed strong volume gains. Latin
American dollar sales and unit volume as reported, which reflect
the divestment of detergents in Ecuador and Peru, grew 4.5% and
5.5%, respectively. Latin American operating profit declined 1%
after a double-digit increase in commercial spending and negative
foreign exchange. Market shares are very strong throughout the
region and new products are performing well. In Mexico, for
example, Colgate maintained its strong leadership of the toothpaste
market during the quarter due to great performances by Colgate
Triple Action and Colgate Total Advanced Fresh toothpastes. New
Palmolive Hydra Natura hand and body lotion, Colgate's first entry
into this category, contributed to growth in personal care. New
products driving gains elsewhere in the region include Colgate
Triple Action Mild Mint, Colgate Herbal Whitening and Colgate Total
Advanced Fresh toothpastes, Colgate Whitening and Colgate Massager
manual toothbrushes, Protex Sun Care bar soap, and Palmolive
Naturals full line of shampoos, conditioners and hair treatments.
Asia/Africa (17% of Company Sales) Asia/Africa sales and unit
volume, excluding divestments, grew 7.5% and 9.0%, respectively, on
top of a strong performance in the year ago quarter. Healthy volume
gains were achieved in China, India, Taiwan, Philippines, Thailand,
Australia, South Africa and the Middle East. Asia/Africa sales and
unit volume as reported rose 5.5% and 7.0%, respectively,
reflecting divestments and 3.5% favorable foreign exchange. After a
significant increase in commercial spending, dollar operating
profit for the region increased 3%. Strong growth and market share
gains were achieved across the region. Colgate maintained its
strong leadership of the toothpaste market in China with its
national ACNielsen market share reaching 33.1% in December.
Colgate's growing momentum in this competitive market was evidenced
during the period with quarterly sales in China reaching an
all-time record high level. Strong growth in oral care throughout
the region was driven by new product launches including Colgate
Propolis toothpaste, now in gel form, Colgate Simply White and
Colgate Fresh Confidence Plus Whitening toothpastes and Colgate
Whitening manual toothbrush. Palmolive Aromatherapy shampoo,
Palmolive Aroma Creme shower gel and Palmolive Milk and Rose bar
soap contributed to gains in personal care. Hill's Pet Nutrition
(14% of Company Sales) Innovative new products and veterinary
endorsements continue to drive growth at Hill's, the world leader
in specialty pet food. Unit volume grew 2.5% in the fourth quarter
and dollar sales rose 9.0% reflecting favorable 4.0% foreign
exchange and the effect of a domestic price increase. Dollar
operating profit increased 6% despite sharply higher agricultural
commodities and a double-digit increase in commercial spending.
Science Diet Feline dry food, Science Diet Large Breed Canine
Senior and Science Diet Large Breed Canine Light contributed to
gains in the U.S. specialty retail channel during the quarter.
Shipping to store shelves now in both the U.S. and Canada is new
Prescription Diet j/d, a food clinically proven to reduce pain and
improve mobility in dogs with arthritis. Internationally, growth
was strong across all regions including Spain, France, Greece,
Russia, Australia, Taiwan and South Africa. New products helping to
drive the strong growth were Science Diet Feline Hairball canned
food and Prescription Diet Feline m/d. * * * About
Colgate-Palmolive: Colgate-Palmolive is a leading global consumer
products company, tightly focused on Oral Care, Personal Care, Home
Care and Pet Nutrition. Colgate sells its products in over 200
countries and territories around the world under such
internationally recognized brand names as Colgate, Palmolive,
Mennen, Softsoap, Irish Spring, Protex, Sorriso, Kolynos, Ajax,
Axion, Soupline, Suavitel and Fab, as well as Hill's Science Diet
and Hill's Prescription Diet pet foods. For more information about
Colgate's global business, visit the Company's website at
http://www.colgate.com/. "Colgate 360 Degree" is a trademark of
Colgate-Palmolive Company. The Company's annual meeting of
shareholders is currently scheduled for Wednesday, May 4, 2005.
This press release and the related webcast (other than historical
information) may contain forward-looking statements. Actual events
or results may differ materially from those statements. Investors
should consult the Company's filings with the Securities and
Exchange Commission (including the information set forth under the
caption "Cautionary Statement on Forward-Looking Statements" in the
Company's Form 10-K for the year ended December 31, 2003) for
information about factors that could cause such differences. Copies
of these filings may be obtained upon request from the Company's
Investor Relations Department or the Company's website at
http://www/. colgate.com. Non-GAAP Financial Measures The following
provides information regarding the non-GAAP measures used in this
earnings release: Net income, gross profit margin, operating profit
and earnings per share are discussed in this release both as
reported (on a GAAP basis) and excluding charges related to the
restructuring program that began in the fourth quarter of 2004 and
that is expected to be substantially completed by 2008 (the
"Restructuring Program"). (Such charges, which are reported in the
corporate segment, include or will include separation-related
costs, incremental depreciation and asset write-downs and other
costs related to the Restructuring Program.) Management believes
these financial measures on an ex-restructuring basis provide
useful information to investors regarding the underlying business
trends and performance of the Company's ongoing operations and are
useful for period over period comparisons of such operations. The
Company uses these financial measures internally in its budgeting
process and as factors in determining compensation. While the
Company believes that these financial measures are useful in
evaluating the Company's business, this information should be
considered as supplemental in nature and not as a substitute for
the related financial information prepared in accordance with GAAP.
In addition, these non-GAAP financial measures may not be the same
as similar measures presented by other companies. See Income
Statement and Supplemental Information Reconciliation Excluding the
"2004 Restructuring Program" for the three months ended December
31, 2004 and 2003 and for the years ended December 31, 2004 and
2003 included with this release for a reconciliation of these
financial measures to the related GAAP measures. Sales and unit
volume growth, both worldwide and in relevant geographic divisions,
are discussed in this release both as reported and excluding
divestments. Management believes this provides useful information
to investors as it allows comparisons of sales and volume growth
from ongoing operations. See Geographic Sales Growth Analysis,
Percentage Changes - Fourth Quarter and Full Year 2004 vs. 2003 for
a comparison of sales excluding divestments to sales as reported in
accordance with GAAP. The Company defines free cash flow before
dividends as net cash provided by operations less capital
expenditures. As management uses this measure to evaluate the
Company's ability to satisfy current and future obligations,
repurchase stock, pay dividends and fund future business
opportunities, 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. Free cash flow
before dividends is not a GAAP measurement and may not be
comparable to similarly titled measures reported by other
companies. (See attached tables for fourth quarter and full year
results.) Colgate-Palmolive Company Income Statement and
Supplemental Information Reconciliation Excluding the "2004
Restructuring Program" For the three months ended December 31, 2004
and 2003 (Dollars in Millions Except Per Share Amounts) (Unaudited)
2004 2003 As Excl. As Reported Restructuring Restructuring Reported
Net Sales $2,803.3 $- $2,803.3 $2,572.6 Cost of Sales 1,266.2 (3.4)
1,262.8 1,163.6 Gross Profit 1,537.1 3.4 1,540.5 1,409.0 Gross
Profit Margin 54.8% 55.0% 54.8% Selling, General &
Administrative Expenses 1,003.1 - 1,003.1 879.7 Other (Income)
Expense, net 65.7 (65.3) 0.4 (33.4) Operating Profit 468.3 68.7
537.0 562.7 Operating Profit Margin 16.7% 19.2% 21.9% Net Interest
Expense 32.0 - 32.0 28.4 Income Before Income Taxes 436.3 68.7
505.0 534.3 Provision for Income Taxes 150.6 20.7 171.3 162.2
Effective Tax Rate 34.5% 33.9% 30.4% Net Income 285.7 48.0 333.7
372.1 Net Earnings Per Common Share Basic $0.53 $0.09 $0.62 $0.68
Diluted $0.50 $0.09 $0.59 $0.65 Average Common Shares Outstanding
Basic 528.5 528.5 528.5 535.6 Diluted 565.9 565.9 565.9 576.1
Colgate-Palmolive Company Income Statement and Supplemental
Information Reconciliation Excluding the "2004 Restructuring
Program" For the years ended December 31, 2004 and 2003 (Dollars in
Millions Except Per Share Amounts) (Unaudited) 2004 2003 As Excl.
As Reported Restructuring Restructuring Reported Net Sales
$10,584.2 $- $10,584.2 $9,903.4 Cost of Sales 4,747.2 (3.4) 4,743.8
4,456.1 Gross Profit 5,837.0 3.4 5,840.4 5,447.3 Gross Profit
Margin 55.1% 55.2% 55.0% Selling, General & Administrative
Expenses 3,624.6 - 3,624.6 3,296.3 Other (Income) Expense, net 90.3
(65.3) 25.0 (15.0) Operating Profit 2,122.1 68.7 2,190.8 2,166.0
Operating Profit Margin 20.0% 20.7% 21.9% Net Interest Expense
119.7 - 119.7 124.1 Income Before Income Taxes 2,002.4 68.7 2,071.1
2,041.9 Provision for Income Taxes 675.3 20.7 696.0 620.6 Effective
Tax Rate 33.7% 33.6% 30.4% Net Income 1,327.1 48.0 1,375.1 1,421.3
Net Earnings Per Common Share Basic $2.45 $0.09 $2.54 $2.60 Diluted
$2.33 $0.09 $2.42 $2.46 Average Common Shares Outstanding Basic
530.9 530.9 530.9 537.2 Diluted 569.3 569.3 569.3 578.8
Colgate-Palmolive Company Condensed Consolidated Balance Sheets As
of December 31, 2004 and 2003 (Dollars in Millions) (Unaudited)
December 31, December 31, 2004 2003 Cash and cash equivalents
$319.6 $265.3 Receivables, net 1,319.9 1,222.4 Inventories 845.5
718.3 Other current assets 254.9 290.5 Property, plant and
equipment, net 2,647.7 2,542.2 Other assets, including goodwill and
intangibles 3,285.3 2,440.1 Total assets $8,672.9 $7,478.8 Total
debt 3,675.1 3,102.9 Other current liabilities 2,145.1 2,027.4
Other non-current liabilities 1,607.3 1,461.4 Total shareholders'
equity 1,245.4 887.1 Total liabilities and shareholders' equity
$8,672.9 $7,478.8 Supplemental Balance Sheet Information: Debt less
cash and marketable securities* $3,338.2 $2,800.7 Working capital %
of sales 2.4% 1.7% * Marketable securities of $17.3 and $36.9 as of
December 31, 2004 and 2003, respectively, are included in Other
current assets. Colgate-Palmolive Company Condensed Consolidated
Statements of Cash Flows For the years ended December 31, 2004 and
2003 (Dollars in Millions) (Unaudited) 2004 2003 Operating
Activities: Net income $1,327.1 $1,421.3 Restructuring, net of cash
38.3 53.8 Depreciation and amortization 327.8 315.5 Gain before tax
on sale of non-core product lines and other investment activities
(26.7) (107.2) Deferred income taxes 57.7 (48.8) Changes in:
Receivables (5.6) (14.4) Inventories (76.1) (3.1) Accounts payable
and other accruals 109.4 188.7 Other non-current assets and
liabilities 2.4 (38.1) Net cash provided by operations 1,754.3
1,767.7 Investing Activities: Capital expenditures (348.1) (302.1)
Payment for acquisitions, net of cash acquired (800.7) - Sale of
non-core product lines 37.0 127.6 Other investing activities 21.4
56.9 Net cash used in investing activities (1,090.4) (117.6)
Financing Activities: Proceeds from (payments on) debt issuances
492.6 (574.8) Dividends paid (536.2) (506.8) Purchases of treasury
shares (637.9) (554.9) Proceeds from exercise of stock options 70.4
79.3 Net cash used in financing activities (611.1) (1,557.2) Effect
of exchange rate changes on cash and cash equivalents 1.5 4.5 Net
increase in cash and cash equivalents 54.3 97.4 Cash and cash
equivalents at beginning of period 265.3 167.9 Cash and cash
equivalents at end of period $319.6 $265.3 Supplemental Cash Flow
Information: Free cash flow before dividends (net cash provided by
operations less capital expenditures) Net cash provided by
operations $1,754.3 $1,767.7 Less: Capital expenditures (348.1)
(302.1) Free cash flow before dividends $1,406.2 $1,465.6
Colgate-Palmolive Company Segment Information For the three months
and years ended December 31, 2004 and 2003 (Dollars in Millions)
(Unaudited) Three Months Ended Years Ended December 31, December
31, Net Sales 2004 2003 2004 2003 Oral, Personal, and Home Care
North America $608.0 $573.8 $2,378.7 $2,356.2 Latin America 613.4
587.7 2,266.0 2,179.5 Europe 706.2 594.0 2,621.3 2,304.1
Asia/Africa 484.1 458.0 1,885.1 1,747.5 Total Oral, Personal, and
Home Care 2,411.7 2,213.5 9,151.1 8,587.3 Total Pet Nutrition 391.6
359.1 1,433.1 1,316.1 Total Net Sales $2,803.3 $2,572.6 $10,584.2
$9,903.4 Three Months Ended Years Ended December 31, December 31,
Operating Profit 2004 2003 2004 2003 Oral, Personal, and Home Care
North America $121.1 $113.7 $530.1 $547.4 Latin America 157.8 159.9
627.7 613.3 Europe 143.2 118.6 539.0 488.2 Asia/Africa 75.0 72.7
310.1 280.7 Total Oral, Personal, and Home Care 497.1 464.9 2,006.9
1,929.6 Total Pet Nutrition 108.1 101.6 389.7 371.0 Total Corporate
(136.9) (3.8) (274.5) (134.6) Total Operating Profit $468.3 $562.7
$2,122.1 $2,166.0 The Company evaluates segment performance based
on several factors, including operating profit. The Company uses
operating profit as a measure of operating segment performance
because it excludes the impact of corporate- driven decisions
related to interest expense and income taxes. Corporate operations
include research and development costs, unallocated overhead costs,
restructuring costs, and gains and losses on sales of non-strategic
brands and assets. Corporate operating expenses for the quarter and
year ended December 31, 2004 include $68.7 of charges related to
the Company's 2004 Restructuring Program. Gains on the sale of
non-core brands, net of costs related to the 2003 regionalization
of manufacturing facilities and business realignment activities,
reduced Corporate operating expenses by $50.1 and $51.5 in the
quarter and year ended December 31, 2003, respectively.
COLGATE-PALMOLIVE COMPANY - GEOGRAPHIC SALES ANALYSIS Percentage
Changes - Fourth Quarter 2004 vs 2003 December 31, 2004 COMPONENTS
OF SALES CHANGE 4th Quarter Pricing 4th Qtr 4th Qtr Coupons Sales
Sales Consumer & Change Change Ex-Divested Trade As Reported
Ex-Divestment Volume Incentives Exchange Region Total Company 9.0%
10.5% 9.0% -1.5% 3.0% Europe 19.0% 24.0% 18.5% -3.0% 8.5% Latin
America 4.5% 5.5% 6.5% 0.0% -1.0% Asia/Africa 5.5% 7.5% 9.0% -5.0%
3.5% Total International 10.0% 12.5% 11.0% -2.5% 4.0% North America
6.0% 6.0% 7.0% -2.0% 1.0% Total CP Products 9.0% 11.0% 10.0% -2.0%
3.0% Hill's 9.0% 9.0% 2.5% 2.5% 4.0% NOTE: GABA was acquired June
1, 2004. The impact of GABA on the three months for both sales and
ex-divested volume for Total Company and Europe are respectively,
2.0% and 9.5%. The impact of GABA on the twelve months for both
sales and ex-divested volume for Total Company and Europe are
respectively, 1.0% and 5.5%. Divestments consist of the sale in
2003 of certain detergent and soap brands, which impact Europe and
Asia/Africa, and the sale in 2004 of certain detergent brands in
Latin America. COLGATE-PALMOLIVE COMPANY - GEOGRAPHIC SALES
ANALYSIS Percentage Changes - Full Year 2004 vs 2003 December 31,
2004 COMPONENTS OF SALES CHANGE 12 Months Pricing 12 Months 12
Months Coupons Sales Sales Consumer & Change Change Ex-Divested
Trade As Reported Ex-Divestment Volume Incentives Exchange Total
Company 7.0% 8.0% 6.5% -1.5% 3.0% Europe 14.0% 18.5% 12.5% -3.0%
9.0% Latin America 4.0% 4.5% 6.5% 1.5% -3.5% Asia/Africa 8.0% 9.0%
8.0% -4.5% 5.5% Total International 8.5% 11.0% 9.5% -2.0% 3.5%
North America 1.0% 1.0% 2.5% -2.5% 1.0% Total CP Products 6.5% 8.0%
7.0% -2.0% 3.0% Hill's 9.0% 9.0% 3.5% 1.5% 4.0% NOTE: GABA was
acquired June 1, 2004. The impact of GABA on the three months for
both sales and ex-divested volume for Total Company and Europe are
respectively, 2.0% and 9.5%. The impact of GABA on the twelve
months for both sales and ex-divested volume for Total Company and
Europe are respectively, 1.0% and 5.5%. Divestments consist of the
sale in 2003 of certain detergent and soap brands, which impact
Europe and Asia/Africa, and the sale in 2004 of certain detergent
brands in Latin America. DATASOURCE: Colgate-Palmolive Company
CONTACT: Bina Thompson, +1-212-310-3072, or Hope Spiller,
+1-212-310-2291, both of Colgate-Palmolive Company Web site:
http://www.colgate.com/
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