Colgate-Palmolive Company (NYSE:CL) today announced strong
worldwide sales and unit volume growth for first quarter 2010, with
every operating division reporting sales increases. Worldwide sales
were $3,829 million, up 9.5% versus the year ago quarter and unit
volume increased 6.0%. Global pricing was even with the year ago
quarter while foreign exchange added 3.5%. Organic sales (excluding
foreign exchange, acquisitions and divestments) grew 6.0%.
Reported net income and diluted earnings per share for first
quarter 2010 were $357 million and $.69, respectively, as compared
with $508 million and $.97, respectively, in first quarter 2009. As
previously disclosed, first quarter 2010 results were reduced by a
one-time, non-cash aftertax charge of $271 million ($.52 per
diluted share) resulting from a required accounting change related
to the transition to hyperinflationary accounting in Venezuela as
of January 1, 2010. Excluding this charge, net income was $628
million and diluted earnings per share was $1.21, increases of 24%
and 25%, respectively, versus first quarter 2009.
Also as previously disclosed, included in net income for first
quarter 2010 was a one-time gain of $59 million ($.11 per diluted
share) related to the remeasurement of the Venezuelan balance sheet
and lower taxes on accrued but unpaid remittances as a result of
the currency devaluation on January 8, 2010. This gain was
partially offset by the impact of translating our Venezuelan
financial statements at a lower exchange rate as a result of the
devaluation, which reduced net income by approximately $30 million
($.06 per diluted share.) The Company continues to estimate that
the full year impact of the devaluation will be a net reduction in
2010 earnings of $.06 - $.10 per diluted share.
Gross profit margin increased 170 basis points to 59.2% in first
quarter 2010 from 57.5% in the year ago period, primarily
reflecting lower raw and packaging material costs and cost-savings
initiatives.
Selling, general and administrative expenses were 35.4% and
33.9% of net sales in first quarter 2010 and 2009, respectively.
Worldwide advertising costs increased 190 basis points as a
percentage to sales versus the year ago period, to 11.0% from
9.1%.
Operating profit as reported was $678 million in first quarter
2010 compared to $811 million in first quarter 2009. Excluding the
one-time charge resulting from the accounting change related to the
transition to hyperinflationary accounting in Venezuela noted
above, operating profit rose 17% to $949 million in first quarter
2010 from $811 million in first quarter 2009, increasing to 24.8%
from 23.2% as a percent to sales.
Net cash provided by operations year to date increased by 6% to
$733 million. Working capital as a percentage of sales improved by
220 basis points in first quarter 2010 versus the year ago period.
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 and outlook excluding the one-time charge
related to the transition to hyperinflationary accounting in
Venezuela:
“We are delighted to have started the year so strongly with
first quarter operating profit, net income and earnings per share
all increasing double-digit and global unit volume growing a
healthy 6.0%.
“Our focus on unit volume growth continues to pay off with
global unit volume increasing sequentially in each of the last
three quarters.
“The excellent 170 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 are both at record highs year to
date. Colgate’s share of the global toothpaste market strengthened
to 44.4% year to date, led by share gains in Mexico, Brazil, China,
India, Russia, Venezuela and Greece. Colgate also strengthened its
global leadership in manual toothbrushes, with its global market
share in that category reaching 31.5% year to date, up 1.3 share
points versus year ago.
“Overall, we are very pleased to have delivered another quarter
of strong results on both the top and bottom lines, despite
difficult economic conditions around the world.
“Our business fundamentals remain strong and we have a very full
pipeline of new products across categories. We expect the excellent
gross profit margin to continue which should allow for continued
strong advertising spending behind new and existing Colgate
products.
“All this adds to our confidence that this momentum will
continue, which bodes well for another year of double-digit
earnings per share growth in 2010.”
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 (20% of Company
Sales)
North America sales grew 3.0% in the first quarter. Unit volume
increased 5.0% with 3.5% lower pricing and 1.5% positive foreign
exchange. Organic sales grew 1.5% during the quarter. North America
operating profit increased 13% during the quarter due to higher
sales and higher gross profit margins driven by new products,
cost-savings initiatives and lower raw and packaging material
costs.
Colgate’s leadership of the U.S. toothpaste market continued
with its market share at 35.6% year to date, driven by strong sales
of Colgate Total Enamel Strength, Colgate Sensitive Enamel Protect
and Colgate Max White with Mini Bright Strips toothpastes.
Colgate’s share of the manual toothbrush market reached a record
33.6% year to date, up 5.6 share points versus year ago, including
Colgate Wisp mini-brush whose market share is at 4.9% year to date.
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 and Softsoap Body
Butter Mega Moisture body washes, Softsoap Crisp Cucumber and Melon
and Softsoap Cherry Blossom liquid hand soaps and Ajax Lime with
Bleach Alternative dish liquid.
Recent introductions arriving on store shelves now include
Colgate ProClinical and Colgate Triple Action toothpastes, Colgate
Wisp Plus Whitening mini-brush, Colgate 360° ActiFlex Sonic Power
battery toothbrush, Speed Stick and Lady Speed Stick Stainguard
deodorants, and a relaunch of the entire line of Palmolive dish
liquids with more modernized packaging and an enhanced formula that
cleans more dishes with every drop.
Latin America (26% of Company
Sales)
Latin American sales grew 10.5% and unit volume increased 8.0%.
Volume gains were achieved in nearly every country, led by
significant increases in Brazil, Colombia and Mexico. Higher
pricing added 6.5% and foreign exchange was negative 4.0%. Organic
sales for Latin America grew 14.5% during the quarter. Latin
America operating profit increased 11% during the quarter. Higher
sales and cost-saving initiatives more than offset increased
advertising costs. As a result of the currency devaluation in
Venezuela noted above, operating profit for first quarter 2010
includes a pretax gain of $46 million related to the remeasurement
of the Venezuelan balance sheet, which was substantially offset by
the impact of translating our Venezuelan financial statements at a
lower exchange rate.
Colgate’s strong leadership in oral care throughout Latin
America continues with its regional toothpaste market share at
78.3% year to date, driven by market share gains in nearly every
country. In Brazil, for example, Colgate’s toothpaste market share
reached 70.4% year to date, up 50 basis points versus year ago.
Strong sales of Colgate Sensitive Pro-Alivio, Colgate Total
Professional Sensitive and Colgate Total Professional Whitening
toothpastes drove share gains throughout the region. Colgate’s
leading share of the manual toothbrush market for the region is
38.9% year to date. Strong sales of Colgate 360° ActiFlex, Colgate
Premier Clean and Colgate Classic manual toothbrushes throughout
the region contributed to this success.
In other product categories, Colgate Plax Complete Care and
Colgate Plax Sensitive mouthwashes, Palmolive Perfect Tone and
Protex Propolis bar soaps, Axion Professional dish liquid, Lady
Speed Stick Depil Control and Speed Stick Waterproof deodorants,
Fabuloso Continuous Effect liquid cleaner, and Suavitel GoodBye
Ironing and Suavitel Magic Moments fabric conditioners contributed
to market share gains in the region.
Europe/South Pacific (22% of
Company Sales)
Europe/South Pacific sales increased 14.5% and unit volume
increased 7.0% led by France, Italy, Spain, Denmark, the United
Kingdom, Poland and the GABA business. Pricing decreased 3.0% while
foreign exchange was positive 10.5%. Organic sales for Europe/South
Pacific grew 4.0%. Operating profit for the region increased 34%
during the quarter as higher sales, cost-savings initiatives and
lower raw and packaging material costs more than offset increased
advertising.
Colgate maintained its oral care leadership in the Europe/South
Pacific region with toothpaste share gains in France, Italy,
Portugal, Greece, Austria, Czech Republic, Norway, Poland and
Bulgaria. Successful premium products driving share gains include
Colgate Sensitive Pro-Relief, Colgate Total Advanced Clean, Colgate
Total Advanced Sensitive 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 Nutrafruit shower creme, Lady
Speed Stick Depil Protect deodorant and Soupline Magic Moments and
Soupline Aroma Tranquility fabric conditioners.
Greater Asia/Africa (19% of
Company Sales)
Greater Asia/Africa sales and unit volume increased 14.5% and
9.0%, respectively. Volume gains in India, the Greater China
region, Thailand, Philippines and Malaysia more than offset a
volume decline in South Africa. Pricing decreased 1.0% and foreign
exchange was positive 6.5%. Organic sales for Greater Asia/Africa
increased 8.0%. Operating profit for the region increased 24%
during the quarter as higher sales, cost-savings initiatives and
lower raw and packaging material costs more than offset increased
advertising.
Colgate maintained its toothpaste leadership in Greater Asia
with market share gains in key countries throughout the region
including India, China, Russia, Philippines, Singapore, Ukraine and
Vietnam. In India, for example, Colgate’s toothpaste market share
reached 51.3% year to date, up 180 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.
Successful products contributing to growth in other categories
in the region include Colgate 360° ActiFlex, Colgate 360° Sensitive
ProRelief, Colgate Max White and Colgate Zig Zag manual
toothbrushes, Colgate Plax Ice mouthwash, Palmolive Spa Banya
shower liquid and Lady Speed Stick Depil Control deodorant.
Hill’s (13% of Company
Sales)
Hill’s sales grew 2.0% during the quarter. Unit volume decreased
2.0%, pricing decreased 0.5% and foreign exchange was positive
4.5%. Volume declined in the U.S., Japan, Italy, Germany and
Turkey, while volume gains were achieved in the United Kingdom,
Taiwan, Mexico and South Korea. Hill’s organic sales declined 2.5%
during the quarter. Operating profit increased 8% during the
quarter as benefits from cost-savings initiatives and lower raw and
packaging material costs more than offset increased
advertising.
Recent new product introductions succeeding in the U.S. include
Science Diet Small and Toy Breed Canine, a significantly expanded
line of Science Diet Simple Essentials Treats Canine launched late
last year, 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.
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 products planned for launch in second quarter
2010 include the international expansion of Science Diet Small and
Toy Breed Canine and the introduction in Europe of Science Plan Vet
Essentials Canine and Feline, a range of veterinary exclusive
products addressing the top five essential health needs of
pets.
* * *
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.
Substantially all market share data included in this press
release is compiled from data 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, the impact of the currency devaluation in
Venezuela, 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, 2009) 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. 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 the one-time
charge related to the transition to hyperinflationary accounting in
Venezuela as of January 1, 2010. 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 “Table 2 –
Non-GAAP Reconciliation” for the three months ended March 31, 2010
and 2009 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 – First Quarter
2010 vs. 2009” 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 Three Months Ended March 31, 2010 and 2009” 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 first
quarter results.)
Table 1
Colgate-Palmolive Company
Consolidated Income
Statements
For the Three Months Ended March 31, 2010 and 2009
(in Millions Except Per Share Amounts) (Unaudited)
2010
2009
Net sales $ 3,829 $ 3,503 Cost of sales
1,561 1,490 Gross profit 2,268 2,013 Gross profit
margin 59.2 % 57.5 % Selling, general and administrative
expenses 1,355 1,186 Other (income) expense, net 235 16
Operating profit 678 811 Operating profit margin 17.7
% 23.2 % Interest expense, net 16 21 Income before
income taxes 662 790 Provision for income taxes 275 254
Effective tax rate 41.5 % 32.1 % Net income including
noncontrolling interests 387 536 Less: Net income
attributable to noncontrolling interests 30 28 Net income
attributable to Colgate-Palmolive Company $ 357 $ 508
Earnings per common share Basic $ 0.71 $ 1.00 Diluted $ 0.69 $ 0.97
Average common shares outstanding Basic 493.7 500.7 Diluted
519.0 526.2
Table 2 Colgate-Palmolive Company
Non-GAAP Reconciliation For the Three Months Ended
March 31, 2010 and 2009 (in Millions Except Per Share
Amounts) (Unaudited) 2010 2009 As Reported 1
Venezuela
Hyperinflationary 2
As Adjusted
Non-GAAP
As
Reported
Other (income) expense, net $ 235 $ 271 $ (36 ) $ 16
Operating profit 678 (271 ) 949 811 Operating profit margin
17.7 % 24.8 % 23.2 % Income before income taxes 662 (271 )
933 790 Effective tax rate 41.5 % 29.5 % 32.1 % Net
income including noncontrolling interests 387 (271 ) 658 536
Net income attributable to Colgate-Palmolive Company $ 357 $ (271 )
$ 628 $ 508 Earnings per common share 3 Basic $ 0.71 $ (0.55
) $ 1.26 $ 1.00 Diluted $ 0.69 $ (0.52 ) $ 1.21 $ 0.97 1
Includes a $46 pre-tax ($59
after-tax, $0.11 diluted earnings per share) gain related to the
remeasurement of the Venezuelan balance sheet and lower taxes on
accrued but unpaid remittances as a result of the currency
devaluation on January 8, 2010.
2
Represents the one-time charge
related to the transition to hyperinflationary accounting in
Venezuela as of January 1, 2010. This amount primarily represents
the premium paid to acquire U.S. dollar-denominated cash and bonds.
Prior to January 1, 2010, these assets had been remeasured at the
parallel market rate and then translated for financial reporting
purposes at the official rate of 2.15.
3
The impact of Non-GAAP adjustments
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 March 31, 2010,
December 31, 2009 and March 31, 2009 (Dollars in
Millions) (Unaudited) March 31, December 31,
March 31, 2010 2009 2009 Cash and cash equivalents $ 561 $
600 $ 702 Receivables, net 1,709 1,626 1,565 Inventories 1,259
1,209 1,200 Other current assets 402 375 350 Property, plant and
equipment, net 3,466 3,516 3,055 Other assets, including goodwill
and intangibles 3,426 3,808
3,061 Total assets $ 10,823 $ 11,134 $ 9,933
Total debt 3,117 3,182 3,657 Other current
liabilities 3,456 3,238 2,890 Other non-current liabilities
1,486 1,457 1,448 Total
liabilities 8,059 7,877 7,995 Total Colgate-Palmolive Company
shareholders' equity 2,595 3,116 1,793 Noncontrolling interests
169 141 145 Total
liabilities and shareholders’ equity $ 10,823 $ 11,134
$ 9,933
Supplemental Balance Sheet
Information Debt less cash, cash equivalents and marketable
securities* $ 2,508 $ 2,541 $ 2,930 Working capital % of sales (0.8
%) (0.4 %) 1.4 %
* Marketable securities of $48,
$41 and $25 as of March 31, 2010, December 31, 2009 and March 31,
2009,
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, 2010 and 2009
(Dollars in Millions) (Unaudited)
2010
2009
Operating Activities Net income including
noncontrolling interests $ 387 $ 536 Adjustments to
reconcile net income including noncontrolling interests to net cash
provided by operations: Venezuela hyerinflationary transition
charge 271 - Restructuring, net of cash - (7 ) Depreciation and
amortization 92 82 Stock-based compensation expense 41 39 Deferred
income taxes 34 54 Cash effects of changes in: Receivables (99 )
(15 ) Inventories (56 ) (34 ) Accounts payable and other accruals
27 3 Other non-current assets and liabilities 36
32 Net cash provided by operations 733
690
Investing Activities Capital expenditures (81 )
(73 ) Sales of property and non-core product lines 1 4 Sales
(purchases) of marketable securities and investments
(7 ) (13 ) Net cash used in investing activities (87
) (82 )
Financing Activities Principal payments on
debt (1,154 ) (771 ) Proceeds from issuance of debt 1,116 711
Dividends paid (222 ) (203 ) Purchases of treasury shares (505 )
(202 ) Proceeds from exercise of stock options and excess tax
benefits 88 10 Net cash
used in financing activities (677 ) (455 ) Effect of
exchange rate changes on Cash and cash equivalents (8
) (6 ) Net increase (decrease) in Cash and cash
equivalents (39 ) 147 Cash and cash equivalents at beginning of
period 600 555 Cash and
cash equivalents at end of period $ 561 $ 702
Supplemental Cash Flow Information Free cash
flow before dividends (Net cash provided by operations less capital
expenditures) Net cash provided by operations $ 733 $ 690 Less:
Capital expenditures (81 ) (73 ) Free
cash flow before dividends $ 652 $ 617
Income taxes paid $ 216 $ 102
Table 5 Colgate-Palmolive Company Segment
Information For the Three Months Ended March 31, 2010
and 2009 (Dollars in Millions) (Unaudited)
Three Months Ended
March 31,
2010
2009
Net sales Oral, Personal and Home Care North America
$ 753 $ 730 Latin America 1,006 911 Europe/South
Pacific 824 719 Greater Asia/Africa 730
636 Total Oral, Personal and Home Care $ 3,313
$ 2,996 Pet Nutrition 516
507
Total Net sales $ 3,829 $
3,503 Three Months Ended
March 31,
2010
2009
Operating profit Oral, Personal and Home Care North
America $ 217 $ 192 Latin America 2 340 306 Europe/South Pacific
191 143 Greater Asia/Africa 189
152 Total Oral, Personal and Home Care $ 937 $ 793
Pet Nutrition 141 131 Corporate 1 (400 )
(113 )
Total Operating profit $
678 $ 811 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.
1
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. In 2010,
Corporate Operating profit also includes a one-time $271 charge
related to the transition to hyperinflationary accounting in
Venezuela as of January 1, 2010.
2
Latin America Operating profit
includes a $46 pre-tax gain related to the remeasurement of the
Venezuelan balance sheet as a result of the currency devaluation on
January 8, 2010. This gain was substantially offset by the impact
of translating our Venezuelan financial statements at a lower
exchange rate as a result of the devaluation.
Table 6
Colgate-Palmolive Company Geographic Sales
Analysis Percentage Changes - First Quarter 2010 vs
2009 March 31, 2010 (Unaudited)
COMPONENTS OF SALES CHANGE FIRST QUARTER
Pricing 1st Qtr 1st Qtr Coupons
Sales Sales 1st Qtr Consumer &
Change Change Organic Ex-Divested
Trade
Region
As Reported
Ex-Divestment
Sales Change
Volume
Incentives
Exchange
Total Company 9.5 % 9.5 % 6.0 % 6.0 % 0.0 % 3.5 %
Europe/South Pacific 14.5 % 14.5 % 4.0 % 7.0 % (3.0
%) 10.5 %
Latin America 10.5 % 10.5 % 14.5 % 8.0 %
6.5 % (4.0 %)
Greater Asia/Africa 14.5 % 14.5 % 8.0 %
9.0 % (1.0 %) 6.5 %
Total International 13.0 % 13.0 %
9.5 % 8.0 % 1.5 % 3.5 %
North America 3.0 % 3.0 % 1.5
% 5.0 % (3.5 %) 1.5 %
Total CP Products 10.5 % 10.5 %
7.5 % 7.5 % 0.0 % 3.0 %
Hill's 2.0 % 2.0 % (2.5 %)
(2.0 %) (0.5 %) 4.5 %
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