Excellent Worldwide Sales and Volume Growth NEW YORK, April 30,
2008 /PRNewswire-FirstCall/ -- Colgate-Palmolive Company (NYSE:CL)
today announced excellent worldwide sales and unit volume growth
together with higher than expected earnings growth for first
quarter 2008. Worldwide sales grew 15.5% to $3,713.0 million and
unit volume grew 5.0%, as reported. Excluding divestments,
worldwide sales and unit volume grew 16.0% and 5.5%, respectively.
Global pricing increased 3.0% and foreign exchange added 7.5%. The
very strong top-line growth was supported by a 16.0% increase in
worldwide advertising spending. First quarter 2008 results include
$21.2 million of aftertax charges related to the 2004 Restructuring
Program. The year ago quarter included restructuring charges of
$29.9 million and Other Items totaling to a net gain of $95.4
million aftertax (see Table 2 for 2007 Other Items details). As
reported, gross profit margin increased 20 basis points to 56.6%.
Excluding restructuring charges, gross profit margin decreased 10
basis points to 57.3% reflecting meaningful increases in raw and
packaging material costs worldwide, especially oil-related costs
and agricultural commodities. These sharp increases were almost
completely offset by increased pricing and successful savings
initiatives. Operating profit as reported increased 11% versus
first quarter 2007 to $723.7 million. Excluding restructuring
charges in both periods and the 2007 Other Items noted above,
operating profit rose 15% to $762.1 million. Reported net income
and diluted earnings per share in first quarter 2008 were $466.5
million and $.86, respectively. Reported net income and diluted
earnings per share in first quarter 2007 were $486.6 million and
$.89, respectively. Excluding restructuring charges in both periods
and the 2007 Other Items noted above, net income increased 16% in
first quarter 2008 to a record $487.7 million and diluted earnings
per share increased 17% to $.90, also a record. In first quarter
2007, net income and diluted earnings per share excluding
restructuring charges and Other Items were $421.1 million and $.77,
respectively. Net cash provided by operations year to date
increased by 17% to $569.9 million. Colgate's strong balance sheet
strengthened even further during the period with working capital
improving to 0.8% of sales versus 1.0% in the comparable 2007
period, and net debt (debt less cash and marketable securities)
declining versus first quarter 2007. Ian Cook, President and CEO
commented on the results excluding restructuring charges and Other
Items, "We are delighted to begin 2008 with excellent top and
bottom line growth, building on the strong growth momentum we saw
in 2007. Importantly, top-line growth was nicely balanced between
developed and developing countries. Every operating division
achieved sales, unit volume and operating profit increases. "Our
global toothpaste leadership continues to strengthen driven by
market share gains in key countries around the world including the
United States, Mexico, Brazil, China and India. Colgate's worldwide
share of the manual toothbrush market also increased during the
quarter to another record high. Other categories achieving global
share gains include mouth rinse, bar soaps, shower gels, hand dish
liquid and pet nutrition. "Unprecedented increases in commodity and
other costs worldwide were, of course, encountered by Colgate and
our competitors. Pleasingly, despite this unprecedented jump, the
Company's aggressive savings programs, higher pricing and shift
toward higher-margin oral care products virtually offset the impact
of sharply rising raw and packaging material costs worldwide. This
allowed us to get within 10 basis points of last year's first
quarter record gross profit margin of 57.4%, excluding
restructuring charges, even after absorbing over 300 basis points
of material cost increases." Mr. Cook further commented, "As we
look ahead, we expect gross profit margin for 2008, excluding
restructuring charges, to be flat to slightly up versus a record
2007, reflecting the significantly higher cost environment balanced
by our successful cost savings and pricing efforts. Taking into
account the normal lag in the effect of price increases, combined
with the impact of our ongoing savings programs, we anticipate
gross profit margin to be up more substantially in 2009, even if
oil and commodity prices increase moderately above current record
levels. "We are also confident the strong top-line growth will
continue. Our new product pipeline is as full as ever and we plan
to continue supporting it with higher levels of advertising
worldwide. "We expect that our strong sales momentum and excellent
results from our ongoing cost-saving initiatives will enable us to
achieve our expectations of double-digit earnings per share growth
in 2008, as we did in 2007 and in the first quarter just reported."
At 11:00 a.m. ET today, Colgate will host a conference call to
elaborate on first 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 (19% of Company Sales) North
American sales grew 7.0% in the first quarter as unit volume
increased 4.5% on top of the very strong volume growth in the year
ago period. Pricing increased 1.5% and foreign exchange added 1.0%.
North American operating profit increased 8% during the quarter,
reflecting the benefits from restructuring and other efficiency
programs, partially offset by an increase in raw material costs. In
the U.S., new product launches at the super-premium level are
contributing to growth in oral care. Colgate Total Advanced Clean
and Colgate Total Advanced Whitening toothpastes, supported by an
integrated marketing campaign featuring Brooke Shields and an
expansive professional sampling program, helped drive market share
for Colgate Total toothpaste to its highest quarterly share ever at
15.7%. Colgate Max Fresh BURST and Colgate Sensitive toothpastes
were also strong performers in the quarter. Colgate's share of the
manual toothbrush market is at a record high of 27.1% year to date,
up 1.3 share points versus year ago, fueled by the success of
Colgate 360 degree, Colgate 360 degree Sensitive and new Colgate
360 degree Deep Clean manual toothbrushes. Successful new products
contributing to growth in the U.S. in other categories include
Colgate 360 degree Sonic Power battery toothbrush, Irish Spring
Moisture Blast and Irish Spring Reviving Mint body wash for men,
Softsoap brand liquid hand soap with innovative new package
designs, Softsoap brand SPA Radiant body wash and liquid hand soap,
Softsoap brand foaming liquid hand soap in new premium sensorial
fragrances and Suavitel Ultra Aroma Sensations fabric conditioner.
Latin America (25% of Company Sales) As reported, Latin American
sales and unit volume grew 19.5% and 6.0%, respectively, in the
first quarter. Excluding the 2007 divestment of the household
bleach business, sales and unit volume grew 21.0% and 7.5%,
respectively, on top of double-digit sales and volume growth in the
year ago period. The strong volume gains were led by Mexico,
Brazil, Venezuela, Argentina and Dominican Republic. Higher pricing
added 6.0% and foreign exchange added 7.5%. Latin American
operating profit increased 14%, to an all-time record level even
after a strong double-digit increase in advertising during the
quarter. Colgate continues to build its strong leadership in oral
care throughout Latin America with its regional toothpaste market
share at a record high year to date driven by market share gains in
nearly every country. Strong sales of premium-priced offerings such
as Colgate Total Professional Clean and Colgate Max White
toothpastes drove share gains throughout the region. In Mexico, for
example, Colgate's toothpaste market share reached a record high at
85.4% year to date, up 260 basis points versus year ago. Colgate's
leading share of the manual toothbrush market for the region is at
a record high year to date at 37.6%, up 130 basis points versus
year ago. Strong sales of Colgate 360 degree and Colgate 360 degree
Sensitive manual toothbrushes throughout the region contributed to
this success. In other product categories, Colgate Plax Whitening
and Colgate Plax Ice mouthwashes, Palmolive Naturals Yogurt and
Fruits, Palmolive Nutri-Milk Double Moisture and Protex Oats bar
soaps, Lady Speed Stick Double Defense multi-form deodorants,
Palmolive Caprice shampoo and Palmolive Nutri-Milk shower gel
contributed to market share gains in the region. Europe/South
Pacific (24% of Company Sales) Europe/South Pacific sales increased
15.0% to a record level, and unit volume grew 3.0% in the first
quarter. Pricing was negative 1.0% and foreign exchange added
13.0%. Volume gains in the GABA business, the United Kingdom,
Denmark, Poland, Greece, Romania, Adria, Austria, Holland and
Australia more than offset a volume decline in France and Italy due
to challenging market conditions. Operating profit for the region
grew 8% to a record level, on top of very strong growth in the year
ago period and even after a significant increase in advertising
during the quarter. Colgate increased its oral care leadership in
Europe/South Pacific with its regional toothpaste market share
reaching a record high year to date. Toothpaste share gains were
led by Austria, Belgium, Finland, France, Germany, Greece, Norway,
Sweden, Switzerland, the United Kingdom, Poland, Czech Republic,
Hungary, Romania and Australia. Successful premium products driving
these share gains include Colgate Total, Colgate Max Fresh and
Colgate Max White toothpastes. GABA's toothpaste market share also
grew in many markets across the region, in both the food and
pharmacy channels. In the manual toothbrush category, strong sales
of Colgate 360 degree, Colgate 360 degree Sensitive and Colgate Max
Fresh toothbrushes strengthened Colgate's market leadership in this
category for the region. Recent premium innovations contributing to
gains in other product categories include Colgate 360 degree Sonic
Power battery toothbrush, Colgate Plax Whitening mouth rinse,
Palmolive Pure Cashmere Intense Nourishment and Palmolive
Aromatherapy Happyful shower gels, Palmolive Odor Neutralizing
liquid hand soap, and Ajax Professional bucket dilutable and Ajax
Professional glass cleaners. Greater Asia/Africa (18% of Company
Sales) Greater Asia/Africa sales and unit volume increased 19.5%
and 8.0%, respectively. The strong volume gains were led by India,
Russia, Ukraine and the rest of the CIS countries, Malaysia,
Thailand, Vietnam, South Africa, Morocco, the Gulf States and the
Greater China region, where volume increased double-digit for the
fourth consecutive quarter. For the division as a whole, pricing
increased 3.0% and foreign exchange added 8.5%. Operating profit
for the region increased 30% to an all-time record level, even
after a sizable increase in advertising during the quarter. Colgate
strengthened its oral care leadership in the Greater Asia region
with its regional toothpaste market share reaching a record high
year to date. In China, for example, Colgate's toothpaste market
share reached 31.1% year to date, up 130 basis points versus year
ago. Colgate's share of the manual toothbrush market also
strengthened throughout the region with many countries achieving
record high shares in the category. Successful new products driving
the oral care growth include Colgate Total Professional Clean,
Colgate Herbal Gel, Colgate 360 degree Whole Mouth Clean and Darlie
Salt White toothpastes, and Colgate 360 degree Sensitive and
Colgate 360 degree Deep Clean manual toothbrushes. New products
contributing to growth in other categories in the region include
Palmolive Vitamins and Oil shower gel, Palmolive Thermal Spa
Seabuckthorn shower gel, bar soap and liquid hand soap, Palmolive
Pure Cashmere shower cream and bar soap, and Protex Propolis bar
soap. Hill's (14% of Company Sales) Hill's sales grew 16.5% as unit
volume increased 4.0% during the quarter. Foreign exchange added
5.0% and pricing increased 7.5%. Operating profit increased 10% to
a record level despite significantly higher agricultural commodity
costs during the quarter. Market share gains in the U.S. specialty
pet channel during the quarter were driven by strong sales of
Science Diet Canine Adult Large Breed and Science Diet Canine Adult
Lamb Meal & Rice Recipe Small Bites. Science Diet Indoor Cat
Adult and Science Diet Feline Light Adult contributed to growth in
feline. Prescription Diet c/d Multicare Feline, a therapeutic food
for the nutritional management of cats with Feline Lower Urinary
Tract Disease, Prescription Diet j/d Canine and Prescription Diet
d/d Canine drove growth in the U.S. veterinary channel.
Internationally, volume growth was led by Australia, Switzerland,
Italy, Spain, Brazil, Colombia, Belgium and Romania. New pet food
products contributing to the international growth include
Prescription Diet j/d Light Canine, Science Plan Chunks in Gravy
Feline pouches and Prescription Diet c/d Multicare Feline. * * *
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, Elmex,
Tom's of Maine, Ajax, Axion, Soupline, and Suavitel, as well as
Hill's Science Diet and Hill's Prescription Diet. For more
information about Colgate's global business, visit the Company's
web site at http://www.colgate.com/ . Unless otherwise indicated,
all market share data included in this press release is as measured
by ACNielsen. This press release and the related webcast (other
than historical information) may contain forward-looking
statements. Such statements may relate, for example, to sales or
volume growth, profit growth, earnings growth, financial goals,
cost-reduction plans, estimated charges and savings associated with
the 2004 Restructuring Program and new product introductions. These
statements are made on the basis of our views and assumptions as of
this time and we undertake no obligation to update these
statements. We caution 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.
Investors should consult the Company's filings with the Securities
and Exchange Commission (including 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, 2007) for information about
certain 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 web site at
http://www.colgate.com/ . Non-GAAP Financial Measures The following
provides information regarding the non-GAAP measures used in this
earnings release: To supplement Colgate's condensed consolidated
income statements presented in accordance with accounting
principles generally accepted in the United States of America
(GAAP), the Company has disclosed non-GAAP measures of operating
results that exclude certain items. Net sales, gross profit margin,
operating profit, operating profit margin, net income and earnings
per share are discussed in this release both as reported (on a GAAP
basis) and excluding the impact of certain items reported in the
corporate segment, as explained below: -- The restructuring charges
relate to the restructuring program that began in the fourth
quarter of 2004 and is expected to be substantially completed by
the end of 2008 (the "2004 Restructuring Program"). These
restructuring charges include separation-related costs, incremental
depreciation and asset write-downs, and other costs related to the
implementation of the 2004 Restructuring Program. In light of their
nature and magnitude, the Company believes these items should be
presented separately to enhance an investor's overall understanding
of its ongoing operations. -- The three Other Items, which
pertained to the three months ended March 31, 2007, are comprised
of the gain on sale of the Company's household bleach business in
Latin America, a charge related to the limited voluntary product
recall of certain Hill's feline products, and tax adjustments
consisting of the reduction of a tax loss carryforward valuation
allowance in Brazil, partially offset by tax provisions for the
recapitalization of certain overseas subsidiaries. The amount of
each such excluded item for the three months ended March 31, 2007
is set forth in the table entitled "Supplemental Consolidated
Income Statement Information -- Other Items" included with this
release. In light of their nature and magnitude, the Company
believes that these three Other Items should be presented
separately to enhance an investor's overall understanding of its
ongoing operations. Management believes these non-GAAP financial
measures 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 is
not meant to be considered in isolation or 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 "Consolidated
Income Statement and Supplemental Information -- Reconciliation
Excluding the 2004 Restructuring Program and Other Items" for the
three months ended March 31, 2008 and 2007 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 growth and volume growth from ongoing
operations. See "Geographic Sales Analysis, Percentage Changes --
First Quarter 2008 vs. 2007" 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 "Condensed Consolidated Statements of Cash
Flows For the Three Months Ended March 31, 2008 and 2007" for a
comparison of free cash flow before dividends to net cash as
reported in accordance with GAAP. (See attached tables for first
quarter results.) Table 1 Colgate-Palmolive Company Consolidated
Income Statement and Supplemental Information Reconciliation
Excluding the 2004 Restructuring Program and Other Items For the
Three Months Ended March 31, 2008 and 2007 (in Millions Except Per
Share Amounts) (Unaudited) 2008 Excluding As Reported Restructuring
Restructuring Net sales $3,713.0 $- $3,713.0 Cost of sales 1,613.2
25.9 1,587.3 Gross profit 2,099.8 (25.9) 2,125.7 Gross profit
margin 56.6% 57.3% Selling, general and administrative expenses
1,348.9 13.2 1,335.7 Other (income) expense, net 27.2 (0.7) 27.9
Operating profit 723.7 (38.4) 762.1 Operating profit margin 19.5%
20.5% Interest expense, net 33.7 - 33.7 Income before income taxes
690.0 (38.4) 728.4 Provision for income taxes 223.5 (17.2) 240.7
Effective tax rate 32.4% 33.0% Net income 466.5 (21.2) 487.7
Earnings per common share Basic $0.90 $(0.04) $0.94 Diluted $0.86
$(0.04) $0.90 Average common shares outstanding Basic 509.0 509.0
509.0 Diluted 539.5 539.5 539.5 2007 Excluding As Other
Restructuring Reported Restructuring Items(a) & Other Items Net
sales $3,213.9 $- $(2.1) $3,216.0 Cost of sales 1,401.7 31.7 (1.1)
1,371.1 Gross profit 1,812.2 (31.7) (1.0) 1,844.9 Gross profit
margin 56.4% 57.4% Selling, general and administrative expenses
1,170.2 11.1 - 1,159.1 Other (income) expense, net (9.1) 3.1 (36.0)
23.8 Operating profit 651.1 (45.9) 35.0 662.0 Operating profit
margin 20.3% 20.6% Interest expense, net 42.7 - - 42.7 Income
before income taxes 608.4 (45.9) 35.0 619.3 Provision for income
taxes 121.8 (16.0) (60.4) 198.2 Effective tax rate 20.0% 32.0% Net
income 486.6 (29.9) 95.4 421.1 Earnings per common share Basic
$0.94 $(0.06) $0.19 $0.81 Diluted $0.89 $(0.05) $0.17 $0.77 Average
common shares outstanding Basic 512.7 512.7 512.7 512.7 Diluted
547.0 547.0 547.0 547.0 (a) See Table 2 "Supplemental Consolidated
Income Statement Information - Other Items" for details. Note: The
impact of certain "Other Items" on the basic and diluted earnings
per share may not necessarily equal the earnings per share if
calculated independently as a result of rounding. Table 2
Colgate-Palmolive Company Supplemental Consolidated Income
Statement Information Other Items For the Three Months Ended March
31, 2007 (in Millions Except Per Share Amounts) (Unaudited) Three
Months Ended March 31, 2007 Hill's Product Total Gain on Voluntary
Tax Other Bleach Sale Recall Adjustments* Items Net sales $- $(2.1)
$- $(2.1) Cost of sales - (1.1) - (1.1) Gross profit - (1.0) -
(1.0) Selling, general and administrative expenses - - - - Other
(income) expense, net (48.6) 12.6 - (36.0) Operating profit 48.6
(13.6) - 35.0 Interest expense, net - - - - Income before income
taxes 48.6 (13.6) - 35.0 Provision for income taxes 18.9 (5.4)
(73.9) (60.4) Net income 29.7 (8.2) 73.9 95.4 Earnings per common
share Basic $0.06 $(0.02) $0.15 $0.19 Diluted $0.05 $(0.02) $0.14
$0.17 * Reduction of tax loss carryforward valuation allowances in
Brazil of $94.6, partially offset by tax provisions for the
recapitalization of certain overseas subsidiaries. Table 3
Colgate-Palmolive Company Condensed Consolidated Balance Sheets As
of March 31, 2008, December 31, 2007 and March 31, 2007 (Dollars in
Millions) (Unaudited) March 31, December 31, March 31, 2008 2007
2007 Cash and cash equivalents $642.1 $428.7 $474.4 Receivables,
net 1,784.8 1,680.7 1,589.7 Inventories 1,287.0 1,171.0 1,095.4
Other current assets 374.3 338.1 333.2 Property, plant and
equipment, net 3,082.3 3,015.2 2,715.0 Other assets, including
goodwill and intangibles 3,638.9 3,478.3 3,149.9 Total assets
$10,809.4 $10,112.0 $9,357.6 Total debt 3,706.8 3,515.9 3,608.7
Other current liabilities 3,312.2 2,868.7 2,870.8 Other non-current
liabilities 1,538.2 1,441.2 1,460.3 Total liabilities 8,557.2
7,825.8 7,939.8 Total shareholders' equity 2,252.2 2,286.2 1,417.8
Total liabilities and shareholders' equity $10,809.4 $10,112.0
$9,357.6 Supplemental Balance Sheet Information Debt less cash and
marketable securities* $3,051.1 $3,064.6 $3,116.9 Working capital %
of sales 0.8% 2.2% 1.0% * Marketable securities of $13.6, $22.6 and
$17.4 as of March 31, 2008, December 31, 2007 and March 31, 2007,
respectively, are included in Other current assets. Table 4
Colgate-Palmolive Company Condensed Consolidated Statements of Cash
Flows For the Three Months Ended March 31, 2008 and 2007 (Dollars
in Millions) (Unaudited) 2008 2007 Operating Activities Net income
$466.5 $486.6 Adjustments to reconcile net income to net cash
provided by operations: Restructuring, net of cash (9.6) 10.1
Depreciation and amortization 88.6 81.0 Gain before tax on sale of
non-core product lines - (48.6) Stock-based compensation expense
27.1 32.7 Deferred income taxes 24.0 (94.5) Cash effects of changes
in: Receivables (52.1) (54.8) Inventories (88.7) (80.8) Accounts
payable and other accruals 106.4 132.2 Other non-current assets and
liabilities 7.7 24.0 Net cash provided by operations 569.9 487.9
Investing Activities Capital expenditures (85.3) (92.7) Sale of
property and non-core product lines 12.8 79.2 Other 8.6 (6.0) Net
cash used in investing activities (63.9) (19.5) Financing
Activities Principal payments on debt (1,222.4) (714.6) Proceeds
from issuance of debt 1,336.6 653.2 Dividends paid (185.6) (166.8)
Purchases of treasury shares (306.2) (339.6) Proceeds from exercise
of stock options and excess tax benefits 78.1 84.0 Net cash used in
financing activities (299.5) (483.8) Effect of exchange rate
changes on Cash and cash equivalents 6.9 0.3 Net
increase/(decrease) in Cash and cash equivalents 213.4 (15.1) Cash
and cash equivalents at beginning of period 428.7 489.5 Cash and
cash equivalents at end of period $642.1 $474.4 Supplemental Cash
Flow Information Free cash flow before dividends (net cash provided
by operations less capital expenditures) Net cash provided by
operations $569.9 $487.9 Less: Capital expenditures (85.3) (92.7)
Free cash flow before dividends $484.6 $395.2 Income taxes paid
$109.2 $94.9 Table 5 Colgate-Palmolive Company Segment Information
For the Three Months Ended March 31, 2008 and 2007 (Dollars in
Millions) (Unaudited) Three Months Ended March 31, 2008 2007 Net
sales Oral, Personal and Home Care North America $709.5 $662.4
Latin America 945.5 790.3 Europe/South Pacific 900.0 781.6 Greater
Asia/Africa 654.8 548.5 Total Oral, Personal and Home Care $3,209.8
$2,782.8 Pet Nutrition 503.2 431.1 Total Net sales $3,713.0
$3,213.9 Three Months Ended March 31, 2008 2007 Operating profit
Oral, Personal and Home Care North America $164.1 $152.2 Latin
America 280.0 245.3 Europe/South Pacific 192.4 178.7 Greater
Asia/Africa 105.7 81.4 Total Oral, Personal and Home Care $742.2
$657.6 Pet Nutrition 127.4 115.6 Corporate (145.9) (122.1) Total
Operating profit $723.7 $651.1 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 restructuring and related implementation costs,
stock-based compensation related to stock options and restricted
stock awards, research and development costs, Corporate overhead
costs and gains and losses on sales of non-core brands and assets.
For the three months ended March 31, 2008 and 2007, Corporate
operating expenses include $38.4 and $45.9 of charges related to
the Company's 2004 Restructuring Program, respectively. As a result
of a limited voluntary recall of Hill's product in March 2007, Pet
Nutrition Net sales were reduced by $2.1 and Corporate operating
expenses increased by $13.6. Additionally, Corporate operating
expenses for the three months ended March 31, 2007 were reduced by
a $48.6 gain related to the sale of the Company's household bleach
business in Latin America. Colgate-Palmolive Company Geographic
Sales Analysis Percentage Changes - First Quarter 2008 vs 2007
March 31, 2008 (Unaudited) COMPONENTS OF SALES CHANGE FIRST QUARTER
Pricing 1st Qtr 1st Qtr Coupons Sales Sales Consumer & Change
Change Ex-Divested Trade Region As Reported Ex-Divestment Volume
Incentives Exchange Total Company 15.5% 16.0% 5.5% 3.0% 7.5%
Europe/South Pacific 15.0% 15.0% 3.0% (1.0%) 13.0% Latin America
19.5% 21.0% 7.5% 6.0% 7.5% Greater Asia/Africa 19.5% 19.5% 8.0%
3.0% 8.5% Total International 18.0% 18.5% 6.0% 2.5% 10.0% North
America 7.0% 7.0% 4.5% 1.5% 1.0% Total CP Products 15.5% 16.0% 5.5%
2.5% 8.0% Hill's 16.5% 16.5% 4.0% 7.5% 5.0% 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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