Colgate-Palmolive Company (NYSE:CL) today announced record
operating profit, net income and diluted earnings per share for the
second quarter 2010.
Worldwide sales were $3,814 million, up 2.0% versus the year ago
quarter and volume increased 3.0%. Global pricing increased 0.5%
while foreign exchange was negative 1.5%. Organic sales (excluding
foreign exchange, acquisitions and divestments) grew 3.5%. Net
income increased 7% in second quarter 2010 to $603 million and
diluted earnings per share increased 9% to $1.17. Net income and
diluted earnings per share in second quarter 2009 were $562 million
and $1.07, respectively.
Gross profit margin was 58.8%, even with the year ago quarter’s
record level, primarily reflecting benefits from cost-savings
initiatives offset by the impact of negative foreign exchange,
higher trade investments and a 90 basis point reduction due to
Venezuela.
Selling, general and administrative expenses decreased by 70
basis points to 33.9% of net sales in second quarter 2010 from
34.6% in second quarter 2009. Worldwide advertising spending
increased to $395 million, up 1% versus the year ago quarter.
Operating profit increased 7% to $948 million in second quarter
2010 compared to $887 million in second quarter 2009, increasing to
24.9% from 23.7% as a percent to sales.
Net cash provided by operations year to date increased by 8% to
$1,302 million. Working capital as a percentage of sales improved
by 140 basis points versus the comparable 2009 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, “Overall, we are very pleased to have delivered solid
results this quarter, despite heightened competitive activity and
difficult economic conditions around the world.
“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 Brazil, China, India,
Russia, Venezuela, France and the United Kingdom. Colgate also
strengthened its global leadership in manual toothbrushes, with its
global market share in that category reaching 31.6% year to date,
up 1.4 share points versus year ago.
“It’s great that even after higher levels of commercial
investment worldwide, operating profit and net income both
increased during the quarter, both absolutely and as a percent to
sales.
“Our business fundamentals are strong and we have a very full
pipeline of new products planned for launch in the second half of
the year with continued strong levels of commercial spending to
support them.
“As we look to the balance of the year, foreign exchange
volatility worldwide and the economic environment in Venezuela
remain challenging. We currently estimate the full year impact of
the currency devaluation in Venezuela to be a net reduction in 2010
earnings of $.10 to $.15 per diluted share compared with our
previous estimate of $.06 to $.10 per diluted share. Gross profit
margin is expected to be up nicely for the year, and based on
current exchange rates, we remain optimistic that 2010 will be
another year of double-digit earnings per share growth, excluding
the previously announced first quarter 2010 one-time charge related
to the transition to hyperinflationary accounting in
Venezuela.”
At 11:00 a.m. ET today, Colgate will host a conference call to
elaborate on second 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 4.5% in the second quarter. Volume
increased 5.0% with 1.5% lower pricing and 1.0% positive foreign
exchange. Organic sales grew 3.5% during the quarter. North America
operating profit increased 14% during the quarter due to higher
sales, higher gross profit margins and cost-savings
initiatives.
In the U.S., new product launches across price points are
contributing to growth in oral care including Colgate Triple
Action, Colgate ProClinical and Colgate Max White with Mini Bright
Strips toothpastes. Colgate’s share of the manual toothbrush market
reached a record 33.8% year to date, up 2.4 share points versus
year ago, including Colgate Wisp mini-brush whose market share is
at 5.2% year to date. Colgate 360° ActiFlex 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 Vanilla
Body Butter Mega Moisture body washes, Speed Stick and Lady Speed
Stick Stainguard deodorants and Ajax Lime with Bleach Alternative
dish liquid.
Exciting new products planned for launch in the balance of the
year include Colgate Sensitive Multi Protection toothpaste,
Softsoap Nutri Serums Mineral Extracts and Softsoap Black Orchid
and Velvet Hibiscus body washes, and Softsoap Sea Minerals liquid
hand soap.
Latin America (28% of Company
Sales)
Latin America sales grew 0.5% and volume increased 1.0%. Volume
gains achieved in nearly every country led by Mexico, Colombia,
Argentina, Dominican Republic and Central America more than offset
a volume decline in Venezuela. Volume excluding Venezuela increased
5%. Higher pricing added 7.0% and foreign exchange was negative
7.5%. Organic sales for Latin America grew 8.0% during the quarter.
Latin America operating profit decreased 10% during the quarter,
primarily due to the impact of remeasuring our Venezuelan financial
statements at a lower exchange rate due to the currency devaluation
noted above.
Colgate’s strong leadership in oral care throughout Latin
America continues, driven by market share gains in nearly every
country. In Brazil, for example, Colgate’s toothpaste market share
reached 70.6% year to date, up 60 basis points versus year ago.
Strong sales of Colgate Sensitive Pro-Alivio and Colgate Total
Professional Whitening drove share gains throughout the region.
Colgate’s leadership of the manual toothbrush market in the region
also continues, driven by strong sales of Colgate 360° ActiFlex,
Colgate Premier Clean, Colgate Classic and Colgate 360° Pro-Alivio
manual toothbrushes.
In other product categories, Colgate Plax Sensitive and Colgate
Plax Whitening Tartar Control mouthwashes, Palmolive Perfect Tone
and Protex Propolis bar soaps, Protex Aloe liquid hand soap, Axion
CitricVinegar dish liquid, Lady Speed Stick 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 (20% of
Company Sales)
Europe/South Pacific sales decreased 2.5% during the quarter.
Volume increased 1.5%, pricing decreased 2.5% and foreign exchange
was negative 1.5%. Volume gains in the GABA business, the United
Kingdom, Italy and Adria more than offset volume declines in
Belgium, Spain and Greece. Organic sales for Europe/South Pacific
declined 1.0%. Operating profit for the region increased 4% during
the quarter reflecting the benefits from cost-savings initiatives,
partially offset by the negative impact of foreign exchange and
higher advertising.
Colgate maintained its oral care leadership in the Europe/South
Pacific region with toothpaste share gains in France, Italy,
Portugal, Greece, the United Kingdom, Spain, Denmark, Czech
Republic, Norway, Sweden, Poland, Austria and Belgium. 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 Total Professional 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 Nutra-Fruit shower creme,
Palmolive Sublime liquid hand wash and the Natura Verde line of
home care products made with ingredients of natural origin and
biodegradable formulas.
Greater Asia/Africa (19% of
Company Sales)
Greater Asia/Africa sales and volume increased 14.0% and 11.5%,
respectively. Volume gains were led by India, the Greater China
region, Thailand, Russia and South Africa. Pricing decreased 1.5%
and foreign exchange was positive 4.0%. Organic sales for Greater
Asia/Africa increased 10.0%. Operating profit for the region
increased 31% 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, Malaysia, Singapore, Ukraine and
Taiwan. In India, for example, Colgate’s toothpaste market share
reached 51.1% year to date, up 170 basis points versus year ago.
Successful new products driving the share gains throughout the
region include Colgate Sensitive Pro-Relief, Colgate Total
Professional Sensitive and Colgate 360° Whole Mouth Clean
toothpastes.
Successful products contributing to growth in other categories
in the region include Colgate 360° ActiFlex, Colgate Max White,
Colgate Massager and Colgate Zig Zag manual toothbrushes, Colgate
Plax Sensitive mouthwash, and Palmolive Spa Banya and Palmolive
Nutra-Fruit shower gels.
Hill’s (13% of Company
Sales)
Hill’s sales declined 7.5% during the quarter. Volume decreased
4.0%, pricing decreased 4.0% and foreign exchange was positive
0.5%. Volume declined in the U.S., France, the United Kingdom,
Japan and Russia, while volume gains were achieved in Canada,
Mexico and South Africa. Hill’s organic sales declined 8.0% during
the quarter. Hill’s sales and volume in the quarter were adversely
impacted by the roll out of Hill’s comprehensive re-sizing and
re-pricing initiative which took longer than anticipated to flow
into the marketplace. With this initiative now fully in place in
all key markets, Hill’s consumption, as measured on a unit sales
basis, has been increasing and was up nicely in the United States
for the month of June. Operating profit decreased 4% during the
quarter as lower sales and pricing more than offset benefits from
cost-savings initiatives and lower raw and packaging material
costs.
Recent new product introductions succeeding in the U.S. include
Science Diet Healthy Mobility Canine, Science Diet Small and Toy
Breed Canine, and a significantly expanded line of Science Diet
Simple Essentials Treats Canine launched late last year.
New pet food products contributing to international sales
include Science Plan Snacks Canine and 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 or
exchange controls 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 caption “Risk Factors” 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 and/or the related
webcast:
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 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 3 – Non-GAAP
Reconciliation” for the six months ended June 30, 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 – Second 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 Six Months Ended June 30, 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 second
quarter results.)
Table 1
Colgate-Palmolive Company Consolidated Income
Statements For the Three Months Ended June 30, 2010
and 2009 (in Millions Except Per Share Amounts)
(Unaudited) 2010 2009 Net sales $
3,814 $ 3,745 Cost of sales 1,572 1,544 Gross
profit 2,242 2,201 Gross profit margin 58.8 % 58.8 %
Selling, general and administrative expenses 1,292 1,296
Other (income) expense, net 2 18 Operating profit 948 887
Operating profit margin 24.9 % 23.7 % Interest
expense, net 14 21 Income before income taxes 934 866
Provision for income taxes 304 278 Effective tax rate 32.5 %
32.1 % Net income including noncontrolling interests 630 588
Less: Net income attributable to noncontrolling interests 27
26 Net income attributable to Colgate-Palmolive Company $
603 $ 562 Earnings per common share Basic $ 1.21 $ 1.11
Diluted $ 1.17 $ 1.07
Table 2
Colgate-Palmolive Company Consolidated Income
Statements For the Six Months Ended June 30, 2010 and
2009 (in Millions Except Per Share Amounts)
(Unaudited) 2010 2009 Net sales $
7,643 $ 7,248 Cost of sales 3,133 3,034 Gross
profit 4,510 4,214 Gross profit margin 59.0 % 58.1 %
Selling, general and administrative expenses 2,647 2,482
Other (income) expense, net 237 34 Operating profit 1,626
1,698 Operating profit margin 21.3 % 23.4 % Interest
expense, net 30 42 Income before income taxes 1,596 1,656
Provision for income taxes 579 532 Effective tax rate
36.3 % 32.1 % Net income including noncontrolling interests
1,017 1,124 Less: Net income attributable to noncontrolling
interests 57 54 Net income attributable to Colgate-Palmolive
Company $ 960 $ 1,070 Earnings per common share Basic $ 1.92
$ 2.11 Diluted $ 1.86 $ 2.04
Table 3
Colgate-Palmolive Company Non-GAAP
Reconciliation For the Six Months Ended June 30, 2010
and 2009 (in Millions Except Per Share Amounts)
(Unaudited) 2010 2009 As Reported 1
Venezuela
Hyperinflationary 2
As Adjusted
Non-GAAP 1
As Reported Other (income) expense, net $ 237 $ 271 $ (34 )
$ 34 Operating profit 1,626 (271 ) 1,897 1,698
Operating profit margin 21.3 % 24.8 % 23.4 % Income before
income taxes 1,596 (271 ) 1,867 1,656 Effective tax rate
36.3 % 31.0 % 32.1 % Net income including noncontrolling
interests 1,017 (271 ) 1,288 1,124 Net income attributable
to Colgate-Palmolive Company $ 960 $ (271 ) $ 1,231 $ 1,070
Earnings per common share 3 Basic $ 1.92 $ (0.55 ) $ 2.47 $ 2.11
Diluted $ 1.86 $ (0.52 ) $ 2.38 $ 2.04 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 4
Colgate-Palmolive Company Condensed Consolidated
Balance Sheets As of June 30, 2010, December 31, 2009
and June 30, 2009 (Dollars in Millions)
(Unaudited) June 30, December 31, June 30, 2010
2009 2009 Cash and cash equivalents $ 555 $ 600 $ 896
Receivables, net 1,594 1,626 1,728 Inventories 1,246 1,209 1,224
Other current assets 416 375 370 Property, plant and equipment, net
3,410 3,516 3,245 Other assets, including goodwill and intangibles
3,365 3,808 3,267 Total
assets $ 10,586 $ 11,134 $ 10,730 Total
debt 3,373 3,182 3,802 Other current liabilities 2,913 3,238 2,806
Other non-current liabilities 1,496 1,457
1,423 Total liabilities 7,782 7,877 8,031
Total Colgate-Palmolive Company shareholders' equity 2,632 3,116
2,540 Noncontrolling interests 172 141
159 Total liabilities and shareholders’ equity $
10,586 $ 11,134 $ 10,730
Supplemental Balance Sheet Information Debt less cash, cash
equivalents and marketable securities* $ 2,764 $ 2,541 $ 2,873
Working capital % of sales 1.8 % (0.4 %) 3.2 %
* Marketable securities of $54,
$41 and $33 as of June 30, 2010, December 31, 2009 and June 30,
2009,
respectively, are
included in Other current assets.
Table 5
Colgate-Palmolive Company Condensed
Consolidated Statements of Cash Flows For the Six
Months Ended June 30, 2010 and 2009 (Dollars in
Millions) (Unaudited) 2010 2009
Operating Activities Net income including noncontrolling
interests $ 1,017 $ 1,124 Adjustments to reconcile net income
including noncontrolling interests to net
cash provided by operations:
Venezuela hyperinflationary
transition charge
271 -
Restructuring, net of cash
- (9 )
Depreciation and amortization
185 172
Stock-based compensation
expense
60 56
Deferred income taxes
55 34
Cash effects of changes in:
Receivables
(35 ) (86 )
Inventories
(85 ) 2
Accounts payable and other
accruals
(206 ) (62 )
Other non-current assets and
liabilities
40 (20 )
Net cash provided by
operations
1,302 1,211
Investing Activities Capital expenditures
(204 ) (210 ) Sales of property and non-core product lines 2 12
Sales (purchases) of marketable securities and investments (13 )
(20 ) Other - 1
Net cash used in investing
activities
(215 ) (217 )
Financing Activities Principal payments
on debt (2,514 ) (1,515 ) Proceeds from issuance of debt 2,757
1,608 Dividends paid (520 ) (454 ) Purchases of treasury shares
(978 ) (396 ) Proceeds from exercise of stock options and excess
tax benefits 141 92
Net cash used in financing
activities
(1,114 ) (665 ) Effect of exchange rate changes on Cash and
cash equivalents (18 ) 12 Net increase
(decrease) in Cash and cash equivalents (45 ) 341 Cash and cash
equivalents at beginning of period 600 555
Cash and cash equivalents at end of period $ 555 $
896
Supplemental Cash Flow Information Free
cash flow before dividends (Net cash provided by operations less
capital expenditures) Net cash provided by operations $ 1,302 $
1,211 Less: Capital expenditures (204 ) (210 ) Free
cash flow before dividends $ 1,098 $ 1,001
Income taxes paid $ 621 $ 582
Table 6
Colgate-Palmolive Company
Segment Information For the Three and Six
Months Ended June 30, 2010 and 2009 (Dollars in
Millions) (Unaudited) Three Months Ended
June 30,
Six Months Ended
June 30,
2010 2009 2010 2009
Net sales Oral, Personal and Home Care
North America
$ 768 $ 734 $ 1,521 $ 1,464
Latin America
1,055 1,050 2,061 1,961
Europe/South Pacific
770 791 1,594 1,510
Greater Asia/Africa
730 641 1,460
1,277 Total Oral, Personal and Home Care 3,323 3,216
6,636 6,212 Pet Nutrition 491 529
1,007 1,036
Total Net
sales
$
3,814
$
3,745
$
7,643
$
7,248 Three Months Ended
June 30,
Six Months Ended
June 30,
2010 2009 2010 2009
Operating profit Oral, Personal and Home
Care
North America
$ 227 $ 199 $ 444 $ 391
Latin America 2
303 335 643 641
Europe/South Pacific
184 177 375 320
Greater Asia/Africa
189 144 378 296
Total Oral, Personal and Home Care 903 855 1,840
1,648 Pet Nutrition 134 140 275 271 Corporate 1 (89 )
(108 ) (489 ) (221 )
Total Operating
Profit $ 948 $ 887 $ 1,626 $ 1,698
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. Corporate
Operating profit for the six months ended June 30, 2010 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 for
the six months ended June 30, 2010 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 7 Colgate-Palmolive Company
Geographic Sales Analysis Percentage Changes -
Second Quarter 2010 vs 2009 June 30, 2010
(Unaudited) COMPONENTS OF SALES CHANGE
COMPONENTS OF SALES CHANGE SECOND QUARTER SIX
MONTHS Pricing Pricing 2nd Qtr
Coupons 6 Months Coupons Sales 2nd
Qtr Consumer & Sales 6 Months
Consumer & Change Organic Trade
Change Organic Trade
Region
As Reported Sales Change
Volume Incentives
Exchange As Reported
Sales Change Volume
Incentives Exchange
Total Company 2.0 % 3.5 % 3.0 % 0.5 % (1.5 %) 5.5 % 4.5 %
4.5 % 0.0 % 1.0 %
Europe/South Pacific (2.5 %) (1.0
%) 1.5 % (2.5 %) (1.5 %) 5.5 % 1.5 % 4.0 % (2.5 %) 4.0 %
Latin America 0.5 % 8.0 % 1.0 % 7.0 % (7.5 %) 5.0 % 11.0 %
4.5 % 6.5 % (6.0 %)
Greater Asia/Africa 14.0 % 10.0 %
11.5 % (1.5 %) 4.0 % 14.5 % 9.0 % 10.0 % (1.0 %) 5.5 %
Total International 3.0 % 5.5 % 4.0 % 1.5 % (2.5 %) 8.0 %
7.5 % 6.0 % 1.5 % 0.5 %
North America 4.5 % 3.5 % 5.0
% (1.5 %) 1.0 % 4.0 % 2.5 % 5.0 % (2.5 %) 1.5 %
Total CP
Products 3.5 % 5.0 % 4.0 % 1.0 % (1.5 %) 7.0 % 6.5 % 6.0 % 0.5
% 0.5 %
Hill's (7.5 %) (8.0 %) (4.0 %) (4.0 %) 0.5 %
(3.0 %) (5.5 %) (3.0 %) (2.5 %) 2.5 %
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