Regulatory News:
Colgate-Palmolive Company (NYSE:CL) today reported record net
income and diluted earnings per share in fourth quarter 2009 of
$631 million and $1.21, respectively. Fourth quarter 2008 reported
net income and diluted earnings per share were $497 million and
$.94, respectively, which included $31 million of aftertax charges
($.06 per diluted share) related to the 2004 Restructuring Program.
Excluding restructuring charges (which pertain only to 2008), net
income and diluted earnings per share increased 20% and 21%,
respectively.
Worldwide sales were $4,081 million, up 11.5% versus the year
ago quarter and unit volume increased 3.0%. Global pricing
increased 3.5% while foreign exchange added 5.0%. Organic sales
(excluding foreign exchange, acquisitions and divestments) grew
6.5%.
Gross profit margin increased to 59.5% in fourth quarter 2009
from 56.0% in the year ago period. Excluding restructuring charges
in 2008, gross profit margin increased 320 basis points to 59.5% in
fourth quarter 2009 from 56.3% in fourth quarter 2008, primarily
reflecting the benefits of increased pricing and cost-savings
programs.
Selling, general and administrative expenses were 34.2% and
33.7% of net sales in fourth quarter 2009 and 2008, respectively.
Excluding restructuring charges in 2008, selling, general and
administrative expenses increased to 34.2% of net sales in fourth
quarter 2009 from 33.0% of net sales in fourth quarter 2008.
Worldwide advertising costs increased 50 basis points as a
percentage to sales versus the year ago period to 9.7% from
9.2%.
Operating profit was $991 million in fourth quarter 2009
compared to $777 million as reported in fourth quarter 2008.
Excluding restructuring charges in 2008, operating profit rose 21%
to $991 million in fourth quarter 2009 from $816 million in fourth
quarter 2008, increasing to 24.3% from 22.3% as a percent to
sales.
Net cash provided by operations year to date increased by 42% to
$3,277 million. Working capital improved by 290 basis points from
2.5% to sales in 2008 to -0.4% to sales in 2009. These results
reflect the strength of the Company’s overall balance sheet and key
ratios as well as its tight focus on working capital.
Ian Cook, Chairman, President and Chief Executive Officer,
commented on the results excluding restructuring charges, “We are
delighted to have finished the year so strongly with fourth quarter
operating profit, net income and earnings per share all increasing
double-digit and organic sales growing a healthy 6.5%, driven by
positive volume and higher pricing.
“We are particularly pleased that our renewed focus on unit
volume growth is indeed working with global unit volume increasing
sequentially in each of the last two quarters.
“The excellent 320 basis point improvement in gross profit
margin allowed for higher advertising spending behind Colgate’s
brands both in absolute dollars and as a percent to sales, which
helped to drive global market share gains.
“We are delighted that Colgate’s global market shares in
toothpaste and manual toothbrushes both finished the year at record
highs. Colgate’s share of the global toothpaste market strengthened
to 45.1% for the year, led by share gains in Mexico, Brazil, China,
Hong Kong, India, Russia and Venezuela. Colgate also strengthened
its global leadership in manual toothbrushes, with its global
market share in that category reaching 31.0% year to date, up 0.6
share points versus year ago.”
Mr. Cook continued, “We are excited to be entering 2010 with a
full pipeline of new products across categories. We expect the
excellent gross profit margin to continue which should allow for
higher advertising spending behind new and existing Colgate
products.
“Overall, despite difficult economic conditions around the world
and the currency devaluation in Venezuela, our strong top and
bottom line momentum should continue which bodes well for another
year of double-digit earnings per share growth in 2010.”
For the full year 2009, worldwide sales as reported were $15,327
million, even with the year ago period, reflecting 0.5% unit volume
growth, 6.0% higher pricing and 6.5% negative foreign exchange.
Organic sales grew 6.5%.
Net income and diluted earnings per share for the full year 2009
were $2,291 million and $4.37, respectively. Full year 2008
reported net income and diluted earnings per share were $1,957
million and $3.66, respectively, which included $113 million of
aftertax charges ($0.21 per diluted share) related to the 2004
Restructuring Program. Excluding restructuring charges (which
pertain only to 2008), net income and diluted earnings per share
increased 11% and 13%, 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 (18% of Company
Sales)
North America sales grew 5.0% in the fourth quarter. Unit volume
increased 5.5% with 1.5% lower pricing and 1.0% positive foreign
exchange. Organic sales grew 4.0% during the quarter. North America
operating profit increased 22% during the quarter as increased
advertising was more than offset by higher sales and higher gross
profit margins driven by cost-savings programs and lower raw and
packaging material costs.
In the U.S., new product launches are contributing to market
share gains across categories. Market share gains year to date were
seen in manual toothbrushes, powered toothbrushes, body washes,
hand dish liquid and liquid cleaners. Colgate’s leadership of the
U.S. toothpaste market continued with its market share at 36.2% for
the year. Colgate Total Enamel Strength, Colgate Sensitive Enamel
Protect and Colgate Max White with Mini Bright Strips toothpastes
contributed to growth in the quarter. Colgate’s share of the manual
toothbrush market reached a record 32.2% year to date, up 5.2 share
points versus year ago, including new Colgate Wisp mini-brush whose
market share reached 5.0% year to date and 6.3% for the fourth
quarter. Colgate 360° ActiFlex, Colgate Max Fresh and Colgate Max
White manual toothbrushes also contributed to the share gains.
Successful new products contributing to growth in the U.S. in
other categories include Softsoap Nutri Serums, Softsoap Body
Butter Coconut Scrub, Irish Spring Hair and Body and Cool Relief
body washes, and Palmolive Pure + Caring and Ajax Lime with Bleach
Alternative dish liquids.
Looking ahead, the innovation pipeline in the U.S. is robust
with an array of exciting introductions across categories planned
for launch in early 2010 including Wisp Plus Whitening mini-brush
and Speed Stick and Lady Speed Stick Stainguard deodorants.
Latin America (30% of Company
Sales)
Latin American sales grew 22.5% and unit volume increased 5.0%.
Volume gains were achieved in most countries, led by significant
increases in Brazil and Colombia. Higher pricing added 12.0% and
foreign exchange was positive 5.5%. Organic sales for Latin America
grew 17.0% during the quarter. Latin America operating profit
increased 27% during the quarter as higher pricing and cost-saving
initiatives more than offset increased advertising costs.
Colgate continues to build its strong leadership in oral care
throughout Latin America with its regional toothpaste market share
at a record high of 78.7% year to date, driven by market share
gains in nearly every country. In Brazil, for example, Colgate’s
toothpaste market share reached 70.0% year to date, up 90 basis
points versus year ago. Strong sales of Colgate Total Professional
Sensitive, Colgate Total Professional Whitening and Colgate Triple
Action toothpastes drove share gains throughout the region.
Colgate’s leading share of the manual toothbrush market for the
region is 39.9% year to date, up 10 basis points versus year ago.
Strong sales of Colgate 360° ActiFlex, Colgate 360° Deep Clean and
Colgate Max White manual toothbrushes throughout the region
contributed to this success.
In other product categories, Colgate Plax Complete Care and
Colgate Plax Sensitive mouthwashes, Protex Aloe bar soap, Axion
Professional dish liquid, Lady Speed Stick Depil Control and Speed
Stick Waterproof deodorants, and Suavitel GoodBye Ironing and
Suavitel Magic Moments fabric conditioners contributed to market
share gains in the region.
Europe/South Pacific (21% of
Company Sales)
Europe/South Pacific sales increased 12.5% and unit volume
increased 2.5% led by France, Italy, the United Kingdom and the
GABA business. Pricing decreased 0.5% while foreign exchange was
positive 10.5%. Organic sales for Europe/South Pacific grew 2.0%.
Operating profit for the region increased 43% during the quarter as
increased advertising was more than offset by higher sales,
cost-savings programs and lower raw and packaging material
costs.
Colgate maintained its oral care leadership in the Europe/South
Pacific region with toothpaste share gains in Greece, Austria,
Czech Republic, Norway, Slovakia and Bulgaria. Successful premium
products driving share gains include Colgate Sensitive Pro-Relief,
Colgate Total Advanced Clean and Colgate Max Fresh with Mouthwash
Beads toothpastes. In the manual toothbrush category, Colgate 360°
ActiFlex and Colgate Max White toothbrushes contributed to share
gains in key countries throughout the region.
Recent premium innovations contributing to growth in other
product categories include Colgate Plax Alcohol Free and Colgate
Plax Ice mouth rinses, Palmolive Aromatherapy Morning Tonic shower
gel, Ajax Professional bucket dilutable and Ajax Professional glass
cleaners, Lady Speed Stick Clinical Protection and Lady Speed Stick
Depil Protect deodorants and Soupline Magic Moments and Soupline
Aroma Tranquility fabric conditioners.
Greater Asia/Africa (17% of
Company Sales)
Greater Asia/Africa sales and unit volume increased 10.5% and
8.0%, respectively. Volume gains were led by India, the Greater
China region and Thailand. Pricing increased 0.5% and foreign
exchange was positive 2.0%. Organic sales for Greater Asia/Africa
increased 8.5%. Operating profit for the region increased 29%
during the quarter due to higher pricing, lower raw and packaging
material costs and cost-savings programs.
Colgate maintained its toothpaste leadership in Greater Asia
with market share gains in key countries throughout the region
including India, China, Russia, Turkey, Hong Kong, Philippines and
Malaysia. In India, for example, Colgate’s toothpaste market share
reached 50.1% year to date, up 200 basis points versus year ago.
Successful new products driving the share gains throughout the
region include Colgate Sensitive Pro-Relief, Colgate Total
Professional Clean and Colgate 360° Whole Mouth Clean
toothpastes.
New products contributing to growth in other categories in the
region include Colgate 360° ActiFlex and Colgate Max White manual
toothbrushes, Colgate Plax Ice and Colgate Plax Complete Care
mouthwashes, Palmolive Spa Banya shower liquid and bar soap and
Lady Speed Stick Depil Control deodorant.
Hill’s (14% of Company
Sales)
Hill’s sales declined 1.5% during the quarter as unit volume
decreased 8.5%. Volume declined in the U.S., Japan and Russia,
while volume gains were achieved in Germany, Australia and Mexico.
Pricing increased 3.0% and foreign exchange was positive 4.0%.
Hill’s organic sales declined 5.5% during the quarter. Operating
profit decreased 2% during the quarter due to lower sales and
increased selling, general and administrative expenses partially
offset by higher pricing, lower raw and packaging material costs
and cost-savings programs.
Recent new products succeeding in the U.S. specialty channel
include a significantly expanded line of Science Diet Simple
Essentials Treats Canine. Available in seven varieties, the treats
are formulated for a wide range of special needs including oral
care, mobility, immunity support and healthy skin and coat.
New pet food products contributing to international sales
include Science Plan Snacks Canine and Science Plan Healthy
Mobility Canine, a wellness food that promotes active mobility,
supports joint flexibility and enhances ease of movement.
Innovative new product launches planned for early 2010 in the
U.S. include Science Diet Small and Toy Breed Canine and
Prescription Diet j/d Feline, the first therapeutic food clinically
proven to improve mobility in cats with arthritis, a condition that
affects over 90% of cats over the age of 12.
* * *
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, Fabuloso, 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.
The Company’s annual meeting of shareholders is currently
scheduled for Friday, May 7, 2010.
Unless otherwise indicated, all market share data included in
this press release is as measured by ACNielsen.
Cautionary Statement on
Forward-Looking Statements
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,
organic sales growth, profit and profit margin growth, earnings
growth, financial goals, cost-reduction plans, tax rates 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, 2008) 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.
As required, the Company adopted the Consolidation Topic of the
FASB Codification on January 1, 2009 and as a result of the
adoption, certain prior period amounts attributable to
noncontrolling interests in less-than-wholly-owned subsidiaries
were reclassified within the Condensed Consolidated Statements of
Income, Balance Sheets and Cash Flows. While the reclassification
had no impact on Net income or earnings per common share, it did
impact the previously reported Operating profit and effective tax
rate. A complete reconciliation to previously reported 2008 amounts
is available on Colgate’s web site.
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. Gross profit margin, selling, general and
administrative expenses, 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
restructuring charges related to the restructuring program that
began in the fourth quarter of 2004 and was completed as of 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.
Management believes these non-GAAP financial measures provide
useful supplemental 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. See “Consolidated Income Statement and
Supplemental Information — Reconciliation Excluding the 2004
Restructuring Program” for the three and twelve months ended
December 31, 2009 and 2008 included with this release for a
reconciliation of these financial measures to the related GAAP
measures.
This release discusses organic sales growth (excludes the impact
of foreign exchange, acquisitions and divestments). Management
believes this measure provides investors 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 – Fourth Quarter
2009 vs. 2008” for a comparison of organic sales growth to sales
growth in accordance with GAAP.
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.
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 Twelve Months Ended December 31, 2009 and 2008” 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 fourth
quarter results.)
Table 1
Colgate-Palmolive Company Consolidated Income
Statement and Supplemental Information Reconciliation
Excluding the 2004 Restructuring Program For the
Three Months Ended December 31, 2009 and 2008 (in
Millions Except Per Share Amounts) (Unaudited)
2009 2008 As Reported As Reported Restructuring
Excluding
Restructuring
Net sales $ 4,081 $ 3,664 $ - $ 3,664 Cost of sales
1,654 1,614 11 1,603 Gross profit 2,427 2,050 (11 ) 2,061
Gross profit margin 59.5 % 56.0 % 56.3 % Selling,
general and administrative expenses 1,397 1,235 26 1,209
Other (income) expense, net 39 38 2 36 Operating profit 991
777 (39 ) 816 Operating profit margin 24.3 % 21.2 % 22.3 %
Interest expense, net 18 14 - 14 Income before income
taxes 973 763 (39 ) 802 Provision for income taxes 317 251
(8 ) 259 Effective tax rate 32.6 % 32.9 % 32.4 % Net
income including noncontrolling interests 656 512 (31 ) 543
Less: Net income attributable to noncontrolling interests* 25 15 -
15 Net income 631 497 (31 ) 528 Earnings per common
share Basic $ 1.25 $ 0.97 $ (0.06 ) $ 1.03 Diluted $ 1.21 $ 0.94 $
(0.06 ) $ 1.00 Average common shares outstanding Basic 497.4
503.4 503.4 503.4 Diluted 523.3 529.9 529.9 529.9
*
To conform to the current year
presentation required by the Consolidation Topic of the FASB
Codification, net income attributable to noncontrolling interests
in less-than-wholly-owned subsidiaries has been reclassified from
Other (income) expense, net to a new line below Operating profit
called Net income attributable to noncontrolling interests. The
reclassification had no effect on Net income or Earnings per common
share.
Refer to the Company's web site
for a reconciliation to previously reported amounts for all
quarters of 2008 as well as full year 2008 and 2007.
Note: The impact of
"Restructuring” 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 Consolidated Income
Statement and Supplemental Information Reconciliation
Excluding the 2004 Restructuring Program For the
Twelve Months Ended December 31, 2009 and 2008 (in
Millions Except Per Share Amounts) (Unaudited)
2009 2008 As Reported As Reported Restructuring
Excluding
Restructuring
Net sales $ 15,327 $ 15,330 $ - $ 15,330 Cost of
sales 6,319 6,704 59 6,645 Gross profit 9,008 8,626 (59 )
8,685 Gross profit margin 58.8 % 56.3 % 56.7 %
Selling, general and administrative expenses 5,282 5,422 81 5,341
Other (income) expense, net 111 103 24 79 Operating
profit 3,615 3,101 (164 ) 3,265 Operating profit margin 23.6
% 20.2 % 21.3 % Interest expense, net 77 96 - 96
Income before income taxes 3,538 3,005 (164 ) 3,169
Provision for income taxes 1,141 968 (51 ) 1,019 Effective
tax rate 32.2 % 32.2 % 32.2 % Net income including
noncontrolling interests 2,397 2,037 (113 ) 2,150 Less: Net
income attributable to noncontrolling interests* 106 80 - 80
Net income 2,291 1,957 (113 ) 2,070 Earnings per common
share Basic $ 4.53 $ 3.81 $ (0.22 ) $ 4.03 Diluted $ 4.37 $ 3.66 $
(0.21 ) $ 3.87 Average common shares outstanding Basic 499.5
506.3 506.3 506.3 Diluted 524.6 535.0 535.0 535.0
*
To conform to the current year
presentation required by the Consolidation Topic of the FASB
Codification, net income attributable to noncontrolling interests
in less-than-wholly-owned subsidiaries has been reclassified from
Other (income) expense, net to a new line below Operating profit
called Net income attributable to noncontrolling interests. The
reclassification had no effect on Net income or Earnings per common
share.
Refer to the Company's web site
for a reconciliation to previously reported amounts for all
quarters of 2008 as well as full year 2008 and 2007.
Note: The impact of
"Restructuring” 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 3
Colgate-Palmolive Company Condensed Consolidated
Balance Sheets As of December 31, 2009 and 2008
(Dollars in Millions) (Unaudited)
December 31, December 31, 2009 2008 Cash and cash
equivalents $ 600 $ 555 Receivables, net 1,626 1,592 Inventories
1,209 1,197 Other current assets 375 366 Property, plant and
equipment, net 3,516 3,119 Other assets, including goodwill and
intangibles 3,808 3,150 Total assets $
11,134 $ 9,979 Total debt 3,182 3,783 Other
current liabilities 3,238 2,754 Other non-current liabilities**
1,457 1,398 Total liabilities 7,877
7,935 Total Colgate-Palmolive Company shareholders' equity 3,116
1,923 Noncontrolling interests** 141 121
Total liabilities and shareholders’ equity $ 11,134 $
9,979
Supplemental Balance Sheet Information
Debt less cash, cash equivalents and marketable securities* $ 2,541
$ 3,216 Working capital % of sales (0.4 %) 2.5 % *
Marketable securities of $41 and $12 as of December 31, 2009 and
2008, respectively, are included in Other current assets. **
To conform to the current year
presentation required by the Consolidation Topic of the FASB
Codification, prior period balances of accumulated undistributed
earnings relating to noncontrolling interests in
less-than-wholly-owned subsidiaries have been reclassified from
Other non-current liabilities to a component of shareholders'
equity.
Refer to the Company's web site
for a reconciliation to previously reported amounts for all
quarters of 2008 as well as full year 2008 and 2007.
Table 4
Colgate-Palmolive Company Condensed Consolidated
Statements of Cash Flows For the year ended December
31, 2009 and 2008 (Dollars in Millions)
(Unaudited) 2009 2008*
Operating
Activities Net income $ 2,291 $ 1,957 Adjustments to reconcile
net income to net cash provided by operations: Restructuring, net
of cash (18 ) (50 ) Depreciation and amortization 351 348 Gain
before tax on sale of non-core product lines (5 ) - Stock-based
compensation expense 117 100 Deferred income taxes (23 ) (6 ) Cash
effects of changes in: Receivables 57 (70 ) Inventories 44 (135 )
Accounts payable and other accruals 294 125 Other non-current
assets and liabilities 169 33 Net cash
provided by operations 3,277 2,302
Investing
Activities Capital expenditures (575 ) (684 ) Sales of property
and non-core product lines 17 58 Sales (purchases) of marketable
securities and investments (289 ) 10 Other 6 3
Net cash used in investing activities (841 ) (613 )
Financing Activities Principal payments on debt (3,950 )
(2,320 ) Proceeds from issuance of debt 3,424 2,515 Dividends paid
(981 ) (889 ) Purchases of treasury shares (1,063 ) (1,073 )
Proceeds from exercise of stock options and excess tax benefits
300 237 Net cash used in financing
activities (2,270 ) (1,530 ) Effect of exchange rate changes
on Cash and cash equivalents (121 ) (33 ) Net
(decrease) increase in Cash and cash equivalents 45 126 Cash and
cash equivalents at beginning of year 555 429
Cash and cash equivalents at end of year $ 600 $ 555
Supplemental Cash Flow Information Free cash
flow before dividends (Net cash provided by operations less capital
expenditures) Net cash provided by operations $ 3,277 $ 2,302 Less:
Capital expenditures (575 ) (684 ) Free cash flow
before dividends $ 2,702 $ 1,618 Income taxes
paid $ 1,098 $ 862 * To conform to the current year
presentation required by the Consolidation Topic of the FASB
Codification, certain reclassifications have been made to prior
year amounts.
Table 5
Colgate-Palmolive Company Segment Information
For the Three and Twelve Months Ended December 31, 2009
and 2008 (Dollars in Millions) (Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2009 2008 2009 2008
Net sales Oral, Personal and Home Care
North America $ 746 $ 710 $ 2,950 $ 2,852 Latin America
1,222 996 4,319 4,088 Europe/South Pacific 865 767 3,271 3,582
Greater Asia/Africa 683 617
2,655 2,660 Total Oral, Personal and
Home Care 3,516 3,090 13,195 13,182 Pet Nutrition 565
574 2,132 2,148
Total Net sales $ 4,081 $ 3,664 $ 15,327
$ 15,330 Three Months Ended
December 31,
Twelve Months Ended
December 31,
2009 2008 2009 2008
Operating profit Oral, Personal and Home
Care North America $ 235 $ 192 $ 843 $ 689 Latin America 373
294 1,360 1,181 Europe/South Pacific 209 146 748 746 Greater
Asia/Africa* 174 135 631
527 Total Oral, Personal and Home Care 991 767
3,582 3,143 Pet Nutrition 148 151 555 542 Corporate
(148 ) (141 ) (522 ) (584 ) Total
Operating Profit $ 991 $ 777 $ 3,615 $ 3,101
* To conform to the current year presentation
required by the Consolidation Topic of the FASB Codification, the
amounts of net income attributable to noncontrolling interests in
less-than-wholly-owned subsidiaries of $15 and $80 for the three
and twelve months ended December 31, 2008, respectively, which were
previously deducted from Greater Asia/Africa Operating profit, have
been reclassified to a new line below Operating profit.
Note:
The Company evaluates segment
performance based on several factors, including Operating profit.
The Company uses Operating profit as a measure of the operating
segment performance because it excludes the impact of
corporate-driven decisions related to interest expense and income
taxes. Corporate operations include stock-based compensation
related to stock options and restricted stock awards, research and
development costs, Corporate overhead costs, restructuring and
related implementation costs and gains and losses on sales of
non-core product lines and assets.
For the three and twelve months ended December 31, 2008,
Corporate operating expenses include $39 and $164 of charges
related to the Company’s 2004 Restructuring Program, respectively.
Table 6
Colgate-Palmolive Company Geographic Sales
Analysis Percentage Changes - Fourth Quarter 2009 vs
2008 December 31, 2009 (Unaudited)
COMPONENTS OF SALES CHANGE COMPONENTS OF
SALES CHANGE FOURTH QUARTER TWELVE MONTHS
Region
4th Qtr
Sales
Change
As
Reported
4th Qtr
Sales
Change
Ex-Divestment
4th Qtr
Organic
Sales
Change
Ex-Divested
Volume
Pricing
Coupons
Consumer &
Trade
Incentives
Exchange
12 Months
Sales
Change
As
Reported
12 Months
Sales
Change
Ex-Divestment
12 Months
Organic
Sales
Change
Ex-Divested
Volume
Pricing
Coupons
Consumer &
Trade
Incentives
Exchange Total Company 11.5 %
11.5 % 6.5 % 3.0 % 3.5 % 5.0 % 0.0 % 0.0 % 6.5 % 0.5 % 6.0 % (6.5
%)
Europe/South Pacific 12.5 % 12.5 % 2.0 % 2.5 %
(0.5 %) 10.5 % (8.5 %) (8.0 %) 0.5 % 0.0 % 0.5 % (8.5 %)
Latin America 22.5 % 22.5 % 17.0 % 5.0 % 12.0 % 5.5 % 5.5 %
5.5 % 16.5 % 3.0 % 13.5 % (11.0 %)
Greater
Asia/Africa 10.5 % 10.5 % 8.5 % 8.0 % 0.5 % 2.0 % 0.0 % 0.0 %
8.0 % 2.0 % 6.0 % (8.0 %)
Total International 16.5 %
16.5 % 10.0 % 5.0 % 5.0 % 6.5 % (1.0 %) (0.5 %) 9.0 % 2.0 % 7.0 %
(9.5 %)
North America 5.0 % 5.0 % 4.0 % 5.5 % (1.5 %)
1.0 % 3.5 % 3.5 % 4.0 % 4.0 % 0.0 % (0.5 %)
Total CP
Products 14.0 % 14.0 % 9.0 % 5.5 % 3.5 % 5.0 % 0.0 % 0.5 % 8.0
% 2.5 % 5.5 % (7.5 %)
Hill's (1.5 %) (1.5 %) (5.5 %)
(8.5 %) 3.0 % 4.0 % (0.5 %) (0.5 %) 1.0 % (7.5 %) 8.5 % (1.5 %)
Colgate Palmolive (NYSE:CL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Colgate Palmolive (NYSE:CL)
Historical Stock Chart
From Jul 2023 to Jul 2024