Colgate-Palmolive Company (NYSE:CL) today announced record
operating profit, net income and diluted earnings per share for the
third quarter 2010.
Worldwide sales were $3,943 million, down 1.5% versus third
quarter 2009. Global volume grew 3.0%, pricing was flat with the
year ago quarter and foreign exchange was negative 4.5%. Organic
sales (excluding foreign exchange, acquisitions and divestments)
grew 3.0%. Net income increased 5% in third quarter 2010 to $619
million and diluted earnings per share increased 8% to $1.21. Net
income and diluted earnings per share in third quarter 2009 were
$590 million and $1.12, respectively.
Gross profit margin was 59.4%, up 20 basis points versus the
year ago quarter’s record level, primarily reflecting benefits from
cost-savings initiatives, partially offset by the impact of
negative foreign exchange and increased promotional
investments.
Selling, general and administrative expenses increased by 20
basis points to 35.3% of net sales in third quarter 2010 from 35.1%
in third quarter 2009. Worldwide advertising spending increased to
$432 million, up 1% versus the year ago quarter. Advertising as a
percent to sales increased 30 basis points to 11.0% from 10.7% in
third quarter 2009.
Operating profit increased 3% to $958 million in third quarter
2010 compared to $926 million in third quarter 2009, increasing to
24.3% from 23.2% as a percent to sales.
Net cash provided by operations year to date decreased by 6% to
$2,243 million versus a very strong 34% increase in the comparable
2009 period. Working capital as a percentage of sales increased 100
basis points to 1.7%. Free cash flow before dividends remains very
strong, once again exceeding 100% of net income.
Ian Cook, Chairman, President and Chief Executive Officer
commented, “Overall, we are very pleased with our solid results
this quarter, despite aggressive competitive activity and difficult
economic conditions around the world.
“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 44.2% year to date,
led by share gains in Brazil, China, India, Venezuela, France,
Greece and the United Kingdom. Colgate also strengthened its global
leadership in manual toothbrushes, with its global market share in
that category reaching 31.5% year to date, up 1.6 share points
versus year ago.
“Our sharp focus on cost-savings initiatives, on all lines of
the P&L, continues to pay off. 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. We expect this progress to continue, which bodes well for
gross profit margin to be up nicely for the year.”
Mr. Cook commented on the Company’s outlook excluding the
previously announced first quarter 2010 one-time charge related to
the transition to hyperinflationary accounting in Venezuela,
“Looking ahead, we remain optimistic that 2010 will be another year
of double-digit earnings per share growth, consistent with our
long-term goal. As we turn to 2011, while our global budget process
is still in its initial stages, we are planning to strengthen our
volume and market share, driven by many new and existing Colgate
products supported by increased advertising, and consequently we
anticipate mid-single digit earnings per share growth for the
year.”
At 11:00 a.m. ET today, Colgate will host a conference call to
elaborate on third 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 America sales grew 2.0% in the third quarter. Volume
increased 3.0% with 1.5% lower pricing and 0.5% positive foreign
exchange. Organic sales grew 1.5% during the quarter. North America
operating profit increased 3% during the quarter driven by higher
sales and cost-savings initiatives, partially offset by increased
promotional investments and higher material costs.
In the U.S., new product launches across all price points are
contributing to growth in oral care including Colgate Triple
Action, Colgate Sensitive MultiProtection and Colgate Max White
with Mini Bright Strips toothpastes. Colgate’s share of the manual
toothbrush market reached a record 33.5% year to date, up 1.8 share
points versus year ago, including Colgate Wisp mini-brush whose
market share is at 5.0% year to date. Colgate 360° ActiFlex,
Colgate Max White and Colgate Extra Clean manual toothbrushes
contributed to the share gains.
A major relaunch of Colgate Total toothpaste is just getting
under way in the U.S., with upgraded packaging that includes
improved graphics and a newly designed stand-up cap. The relaunch
will be heavily supported with a new integrated marketing campaign
and new communications to dental professionals, both focused on
highlighting the clinically proven, 12-hour antibacterial
protection of Colgate Total toothpaste.
Successful new products contributing to growth in the U.S. in
other categories include Softsoap Sea Minerals liquid hand soap,
Speed Stick and Lady Speed Stick Stainguard antiperspirants and
Ajax Lime with Bleach Alternative dish liquid.
Latin America (27% of Company
Sales)
Latin America sales declined 6% during the quarter with volume
increasing 1.0%. Volume gains achieved in nearly every country led
by Mexico, Brazil, Argentina and Central America more than offset a
volume decline in Venezuela. Higher pricing added 5.0% and foreign
exchange was negative 12.0%. Organic sales for Latin America grew
6.0% during the quarter. Latin America operating profit decreased
4% during the quarter, due to increased advertising and promotional
investments and the impact of foreign exchange, especially in
Venezuela.
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 50 basis points versus year ago.
Strong sales of Colgate Sensitive Pro-Alivio and Colgate Total
toothpastes 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
Twister and Colgate 360° Sensitive Pro-Alivio manual toothbrushes.
In mouthwash, market share gains were driven by Colgate Plax
Sensitive, Colgate Plax Whitening Tartar Control and Colgate Plax
Magic mouthwashes.
Products in other categories contributing to market share gains
included Palmolive Naturals Yogurt and Almond Oil and Palmolive
Naturals Perfect Tone bar soaps, Lady Speed Stick and Speed Stick
Waterproof deodorants, and Suavitel GoodBye Ironing fabric
conditioner.
Europe/South Pacific (21% of Company
Sales)
Europe/South Pacific sales decreased 8.5% during the quarter.
Volume increased 0.5%, pricing decreased 3.5% and foreign exchange
was negative 5.5%. Volume gains in the GABA business, the United
Kingdom and Australia were partially offset by volume declines in
France and Greece. Organic sales for Europe/South Pacific declined
3.0%. Operating profit for the region decreased 10% during the
quarter primarily due to the negative impact of foreign exchange,
increased promotional investments and higher material costs,
partially offset by the benefits from cost-savings initiatives.
Colgate strengthened its oral care leadership in the
Europe/South Pacific region with toothpaste share gains in France,
Italy, Portugal, Greece, the United Kingdom, Spain, Ireland, Czech
Republic, Norway, Sweden, Poland and Austria. Successful premium
products driving share gains include Colgate Sensitive Pro-Relief,
Colgate Sensitive Pro-Relief Whitening and Colgate Max White One
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 Ice mouth rinse, Palmolive
Nutra-Fruit shower crème and the Natura Verde line of home care
products made with ingredients of natural origin and biodegradable
formulas in recyclable bottles.
Greater Asia/Africa (20% of Company
Sales)
Greater Asia/Africa sales and volume both increased 12.0% during
the quarter. Volume gains were led by India, the Greater China
region, Philippines, Russia and South Africa. Pricing decreased
2.0% and foreign exchange was positive 2.0%. Organic sales for
Greater Asia/Africa increased 10.0%. Operating profit for the
region increased 21% during the quarter as higher sales and
cost-savings initiatives more than offset higher material costs and
increased advertising.
Colgate strengthened its toothpaste leadership in Greater Asia
with market share gains in key countries throughout the region
including India, China, Philippines, Thailand, Malaysia, Taiwan and
Ukraine. In India, for example, Colgate’s toothpaste market share
reached 51.1% year to date, up 140 basis points versus year ago.
Successful new products driving the share gains throughout the
region include Colgate Sensitive Pro-Relief, Colgate Sensitive
Pro-Relief Whitening, 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 Massager and
Colgate Zig Zag manual toothbrushes, Colgate Plax Complete Care
mouthwash, and Palmolive Naturals Papaya and Palmolive Nutra-Fruit
shower gels.
Hill’s (13% of Company
Sales)
Hill’s sales declined 2.0% during the quarter. Volume decreased
0.5%, pricing decreased 1.0% and foreign exchange was negative
0.5%. Volume declined in the U.S. and Japan, while volume gains
were achieved in Russia and Taiwan. Hill’s organic sales declined
1.5% during the quarter. Operating profit increased 1% during the
quarter as lower sales and higher material costs were more than
offset by benefits from cost-savings initiatives and lower
advertising.
Recent new product introductions succeeding in the U.S. include
Science Diet Small and Toy Breed Canine, Science Diet Healthy
Mobility Canine and Prescription Diet j/d Feline.
New pet food products contributing to international sales
include Science Diet Small and Toy Breed Canine and Science Plan
VetEssentials 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 nine months ended September 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 – Third 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 Nine Months Ended September 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 third quarter
results.)
Table 1
Colgate-Palmolive Company
Consolidated Income Statements For the
Three Months Ended September 30, 2010 and 2009 (in
Millions Except Per Share Amounts) (Unaudited)
2010 2009 Net sales $ 3,943 $ 3,998
Cost of sales 1,599 1,631 Gross profit 2,344 2,367
Gross profit margin 59.4 % 59.2 % Selling, general and
administrative expenses 1,391 1,403 Other (income) expense,
net (5 ) 38 Operating profit 958 926 Operating profit
margin 24.3 % 23.2 % Interest expense, net 13 17
Income before income taxes 945 909 Provision for income
taxes 300 292 Effective tax rate 31.7 % 32.1 % Net
income including noncontrolling interests 645 617 Less: Net
income attributable to noncontrolling interests 26 27 Net
income attributable to Colgate-Palmolive Company $ 619 $ 590
Earnings per common share Basic $ 1.26 $ 1.17 Diluted $ 1.21 $ 1.12
Average common shares outstanding Basic 486.0 499.1 Diluted
509.5 524.6
Table 2
Colgate-Palmolive Company Consolidated
Income Statements For the Nine Months Ended September
30, 2010 and 2009 (in Millions Except Per Share
Amounts) (Unaudited) 2010 2009 Net sales $
11,586 $ 11,246 Cost of sales 4,732 4,665
Gross profit 6,854 6,581 Gross profit margin 59.2 %
58.5 % Selling, general and administrative expenses 4,038
3,885 Other (income) expense, net 232 72 Operating
profit 2,584 2,624 Operating profit margin 22.3 % 23.3 %
Interest expense, net 43 59 Income before income
taxes 2,541 2,565 Provision for income taxes 879 824
Effective tax rate 34.6 % 32.1 % Net income including
noncontrolling interests 1,662 1,741 Less: Net income
attributable to noncontrolling interests 83 81 Net income
attributable to Colgate-Palmolive Company $ 1,579 $ 1,660
Earnings per common share Basic $ 3.17 $ 3.27 Diluted $ 3.07 $ 3.16
Average common shares outstanding Basic 489.9 500.2 Diluted
514.7 525.0
Table 3
Colgate-Palmolive Company Non-GAAP
Reconciliation For the Nine Months Ended September
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 $ 232 $ 271 $ (39 )
$ 72 Operating profit 2,584 (271 ) 2,855 2,624
Operating profit margin 22.3 % 24.6 % 23.3 % Income before
income taxes 2,541 (271 ) 2,812 2,565 Effective tax rate
34.6 % 31.3 % 32.1 % Net income including noncontrolling
interests 1,662 (271 ) 1,933 1,741 Net income attributable
to Colgate-Palmolive Company $ 1,579 $ (271 ) $ 1,850 $ 1,660
Earnings per common share 3 Basic $ 3.17 $ (0.55 ) $ 3.72 $
3.27 Diluted $ 3.07 $ (0.52 ) $ 3.59 $ 3.16 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 September 30, 2010,
December 31, 2009 and September 30, 2009 (Dollars in
Millions) (Unaudited) September 30, December 31,
September 30, 2010 2009 2009 Cash and cash equivalents $ 654
$ 600 $ 847 Receivables, net 1,690 1,626 1,780 Inventories 1,278
1,209 1,241 Other current assets 469 375 336 Property, plant and
equipment, net 3,572 3,516 3,351 Other assets, including goodwill
and intangibles 3,727 3,808
3,512 Total assets $ 11,390 $ 11,134 $ 11,067
Total debt 3,388 3,182 3,263 Other current
liabilities 3,117 3,238 3,211 Other non-current liabilities
2,039 1,457 1,482 Total
liabilities 8,544 7,877 7,956 Total Colgate-Palmolive Company
shareholders' equity 2,672 3,116 2,952 Noncontrolling interests
174 141 159 Total
liabilities and shareholders’ equity $ 11,390 $ 11,134
$ 11,067
Supplemental Balance Sheet
Information Debt less cash, cash equivalents and marketable
securities* $ 2,679 $ 2,541 $ 2,378 Working capital % of sales 1.7
% (0.4 %) 0.7 % * Marketable securities of $55, $41
and $38 as of September 30, 2010, December 31, 2009 and September
30, 2009, respectively, are included in Other current assets.
Table 5
Colgate-Palmolive Company
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2010 and 2009
(Dollars in Millions) (Unaudited) 2010 2009
Operating Activities Net income including
noncontrolling interests $ 1,662 $ 1,741 Adjustments to reconcile
net income including noncontrolling interests to net cash provided
by operations: Venezuela hyperinflationary transition charge 271 -
Restructuring, net of cash - (14 ) Depreciation and amortization
278 262 Stock-based compensation expense 101 97 Deferred income
taxes 91 16 Cash effects of changes in: Receivables (56 ) (104 )
Inventories (63 ) 10 Accounts payable and other accruals (95 ) 355
Other non-current assets and liabilities 54 12
Net cash provided by operations 2,243 2,375
Investing Activities Capital expenditures (318 ) (347 )
Purchases of marketable securities and investments (211 ) (147 )
Proceeds from sales of marketable securities and investments 94 -
Other (3 ) 10 Net cash used in investing
activities (438 ) (484 )
Financing Activities
Principal payments on debt (3,469 ) (3,011 ) Proceeds from issuance
of debt 3,709 2,561 Dividends paid (804 ) (702 ) Purchases of
treasury shares (1,385 ) (664 ) Proceeds from exercise of stock
options and excess tax benefits 204 196
Net cash used in financing activities (1,745 ) (1,620 )
Effect of exchange rate changes on Cash and cash equivalents
(6 ) 21 Net increase (decrease) in Cash and cash
equivalents 54 292 Cash and cash equivalents at beginning of period
600 555 Cash and cash equivalents at
end of period $ 654 $ 847
Supplemental Cash
Flow Information Free cash flow before dividends (Net cash
provided by operations less capital expenditures) Net cash provided
by operations $ 2,243 $ 2,375 Less: Capital expenditures
(318 ) (347 ) Free cash flow before dividends $ 1,925
$ 2,028 Income taxes paid $ 854 $ 853
Table
6 Colgate-Palmolive Company
Segment
Information For the Three and Nine Months Ended
September 30, 2010 and 2009 (Dollars in Millions)
(Unaudited) Three Months Ended
September 30,
Nine Months Ended
September 30,
2010 2009 2010 2009
Net sales Oral, Personal and Home Care
North America $ 753 $ 740 $ 2,274 $ 2,204 Latin America
1,069 1,136 3,130 3,097 Europe/South Pacific 821 896 2,415 2,406
Greater Asia/Africa 779 695
2,239 1,972 Total Oral, Personal and
Home Care 3,422 3,467 10,058 9,679 Pet Nutrition 521
531 1,528 1,567
Total Net sales $ 3,943 $ 3,998 $
11,586 $ 11,246 Three Months Ended
September 30,
Nine Months Ended
September 30,
2010 2009 2010
2009
Operating profit Oral, Personal and Home Care
North America $ 224 $ 217 $ 668 $ 608 Latin America 2 332
346 975 987 Europe/South Pacific 197 219 572 539 Greater
Asia/Africa 195 161 573
457 Total Oral, Personal and Home Care 948 943
2,788 2,591 Pet Nutrition 138 136 413 407 Corporate 1
(128 ) (153 ) (617 ) (374 )
Total
Operating Profit $ 958 $ 926 $ 2,584 $
2,624 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 nine months ended September 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
nine months ended September 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 -
Third Quarter 2010 vs 2009 September 30, 2010
(Unaudited) COMPONENTS OF SALES
CHANGE COMPONENTS OF SALES CHANGE THIRD QUARTER
NINE MONTHS Pricing Pricing 3rd
Qtr
Coupons 9 Months
Coupons Sales
3rd Qtr
Consumer & Sales
9 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 (1.5%)
3.0% 3.0% 0.0% (4.5%) 3.0% 4.0% 4.0% 0.0% (1.0%)
Europe/South Pacific (8.5%) (3.0%) 0.5% (3.5%) (5.5%) 0.5%
0.0% 3.0% (3.0%) 0.5%
Latin America (6.0%) 6.0% 1.0%
5.0% (12.0%) 1.0% 9.0% 3.0% 6.0% (8.0%)
Greater
Asia/Africa 12.0% 10.0% 12.0% (2.0%) 2.0% 13.5% 9.5% 11.0%
(1.5%) 4.0%
Total International (2.0%) 4.0% 3.5% 0.5%
(6.0%) 4.0% 6.0% 5.0% 1.0% (2.0%)
North America 2.0%
1.5% 3.0% (1.5%) 0.5% 3.0% 2.0% 4.5% (2.5%) 1.0%
Total CP
Products (1.5%) 3.5% 3.5% 0.0% (5.0%) 4.0% 5.5% 5.0% 0.5%
(1.5%)
Hill's (2.0%) (1.5%) (0.5%) (1.0%) (0.5%)
(2.5%) (4.0%) (2.0%) (2.0%) 1.5%
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