Colgate-Palmolive Company (NYSE:CL) today reported worldwide Net
sales of $3,994 million in first quarter 2011, an increase of 4.5%
versus first quarter 2010. Global unit volume grew 2.0%, pricing
declined 0.5% and foreign exchange was positive 3.0%. Organic sales
(Net sales excluding foreign exchange, acquisitions and
divestments) grew 1.5%.
Net income and Diluted earnings per share in first quarter 2011
were $576 million and $1.16, respectively. Net income and Diluted
earnings per share in first quarter 2010 were $357 million and
$0.69, respectively, which included a one-time, non-cash aftertax
charge of $271 million ($0.52 per diluted share) related to the
transition to hyperinflationary accounting in Venezuela as of
January 1, 2010. Excluding the 2010 Venezuela hyperinflationary
charge, Net income and Diluted earnings per share decreased 8% and
4%, respectively, versus first quarter 2010. Net income and Diluted
earnings per share in first quarter 2010 also included an aftertax
gain of $59 million ($0.11 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.
Gross profit margin was 58.4%, down 80 basis points versus the
year ago quarter’s record level, due to the impact of higher
material costs and increased promotional investments more than
offsetting benefits from cost-saving initiatives.
Selling, general and administrative expenses decreased by 20
basis points to 35.2% of net sales in first quarter 2011 from 35.4%
in first quarter 2010, as worldwide advertising spending decreased
1% versus the year ago quarter to $418 million. Advertising as a
percent to sales was 10.5%, down 60 basis points when compared with
the strong 11.1% in first quarter 2010 due to the timing of new
product launches.
Operating profit increased 35% to $915 million in first quarter
2011. Excluding the above-mentioned 2010 Venezuela
hyperinflationary charge, Operating profit decreased 4% to $915
million compared to $949 million in first quarter 2010, decreasing
as a percent to sales from 24.8% to 22.9%.
Net cash provided by operations in first quarter 2011 was $680
million compared to $733 million in first quarter 2010. Working
capital as a percentage of sales was negative 0.6%, an increase of
20 basis points versus the record low level in the year ago period.
Free cash flow before dividends remains very strong, once again
exceeding 100% of Net income.
Ian Cook, Chairman, President and Chief Executive Officer
commented, “We are pleased to have met earnings expectations this
quarter despite very sharp increases in material costs and an
intense competitive environment globally.
“Pleasingly, our strong growth momentum in emerging markets,
which represent over half of our global sales, continued during the
quarter with organic sales growing 5.5% in those markets.
“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 44.7% year to date,
up 0.6 share points versus year ago. Our global leadership in
manual toothbrushes also strengthened during the quarter with
Colgate’s global market share in that category reaching 32.4% year
to date, up 1.0 share point versus year ago.
“As planned, advertising spending increased versus the fourth
quarter, and we continue to plan for higher levels of spending in
the balance of the year in support of a very full pipeline of new
products.
“Reflecting the significantly higher cost environment, we expect
gross profit margin to remain at around the first quarter level
throughout the rest of 2011. We continue to be sharply focused on
our aggressive cost-saving initiatives and anticipate that the
benefits from those programs combined with our global pricing
efforts will help us achieve our profit target of mid-single digit
earnings per share growth for the year, excluding the 2010
Venezuela hyperinflationary charge noted above.”
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 (18% of Company
Sales)
North America Net sales declined 4.5% in the first quarter. Unit
volume decreased 1.0% with 4.0% lower pricing and 0.5% positive
foreign exchange. Organic sales declined 5.0% during the
quarter.
Operating profit in North America decreased 12% in the first
quarter of 2011 to $192 million or 26.7% of Net sales. This
decrease was driven by a decrease in Gross profit which was
partially offset by a decrease in Selling, general and
administrative expenses. The decrease in Gross profit was due to
higher raw and packaging material costs, reflecting global
commodity cost increases, and increased promotional investments
reflected in the net selling price decreases noted above. The
decrease in Selling, general and administrative expenses was due to
an increase in logistics and overhead expenses, which was more than
offset by a reduction in advertising expenses in line with the
planned timing of new product launches.
In the U.S., new product launches including Colgate Sensitive
Multi Protection and Colgate Max Clean SmartFoam toothpastes and
the relaunch of Colgate Total toothpaste are strengthening
Colgate’s leadership in toothpaste, with its share of that market
reaching 35.9% year to date, up 0.3 share points versus year ago.
Colgate’s strength in manual toothbrushes also continued, driven by
the success of Colgate 360° Surround, Colgate 360° ActiFlex,
Colgate Max White and Colgate Extra Clean manual toothbrushes.
Successful new products in the U.S. in other categories include
Softsoap Body Butter Mega Moisture and Irish Spring Intensify body
washes and Palmolive Antibacterial dish liquid. New products
launched late in the first quarter and reaching store shelves now
include Colgate Total Gum Defense toothpaste, Softsoap Body Butter
Strawberry Smoother body wash, Palmolive Soft Touch dish liquid,
Palmolive baby bottle, toy and dish wash, Softsoap Pampered Hands
foaming liquid hand soap and a new line of Irish Spring deodorants
and antiperspirants.
Looking ahead in the U.S., an array of new product introductions
are planned for the balance of the year with increased advertising
spending supporting them and other recent new product launches.
Latin America (28% of Company
Sales)
Latin America Net sales rose 9.0% during the quarter with unit
volume increasing 0.5%. Volume gains achieved in Venezuela,
Argentina and Central America more than offset volume declines in
Brazil, Colombia and the Dominican Republic. Higher pricing added
4.5% and foreign exchange was positive 4.0%. Organic sales for
Latin America increased 5.0% during the quarter.
Operating profit in Latin America decreased 4% in the first
quarter of 2011 to $326 million or 29.7% of Net sales. This
decrease was due to an increase in Gross profit which was more than
offset by an increase in Selling, general and administrative
expenses and a decrease in Other (income) expense, net. The
increase in Gross profit was driven by higher pricing and cost
savings from the Company’s funding-the-growth initiative which more
than offset higher raw and packaging material costs reflecting
global commodity cost increases. The increase in Selling, general
and administrative expenses was due to an increase in logistics and
overhead expenses and higher advertising investment. The decrease
in Other (income) expense, net was a result of the first quarter
2010 pretax gain of $46 million related to the remeasurement of the
Venezuelan balance sheet due to the currency devaluation in
Venezuela on January 8, 2010.
Colgate’s strong leadership in oral care throughout Latin
America continues, with market share gains led by Venezuela,
Central America, Chile and Peru. In Brazil, for example, Colgate’s
leadership of the toothpaste market continued, driven by strong
sales of Colgate Sensitive Pro-Relief and Colgate Total toothpaste.
Colgate strengthened its leadership of the manual toothbrush market
throughout the region, driven by strong sales of Colgate 360°
Antibacterial, Colgate Triple Action and Colgate Zig Zag manual
toothbrushes. In mouthwash, Colgate’s market share is at a record
high with gains driven by Colgate Plax Whitening Tartar Control and
Colgate Plax Magic mouthwashes.
Products in other categories contributing to market share gains
included Palmolive Naturals Relaxing Softness Cream and Lavender
and Protex Advanced Clean bar soaps, Lady Speed Stick Perfect Tone
and Speed Stick Stainguard deodorants.
Europe/South Pacific (21% of Company
Sales)
Europe/South Pacific Net sales increased 1.0% during the
quarter. Unit volume increased 1.0% with 2.5% lower pricing and
2.5% positive foreign exchange. Volume gains in the GABA business,
Poland, Greece, Ireland and Australia were partially offset by
volume declines in the United Kingdom and the Netherlands. Organic
sales for Europe/South Pacific declined 1.5%.
Operating profit in Europe/South Pacific decreased 3% in the
first quarter of 2011 to $185 million or 22.2% of Net sales,
reflecting a decrease in Gross profit partially offset by a
decrease in Selling, general and administrative expenses. The
decrease in Gross profit was due to higher raw and packaging
material costs reflecting global commodity cost increases, which
were partially offset by cost savings from the Company’s
funding-the-growth initiative. Selling, general and administrative
expenses decreased as higher advertising investment was more than
offset by lower logistics and overhead expenses.
Colgate strengthened its oral care leadership in the
Europe/South Pacific region with toothpaste share gains in Germany,
Italy, Portugal, Greece, Spain, Switzerland, Norway, Sweden,
Denmark and the Netherlands. Successful premium products driving
share gains include Colgate Sensitive Pro-Relief, Colgate Sensitive
Pro-Relief Whitening, elmex Sensitive Professional and Colgate Max
White One toothpastes. In the manual toothbrush category, Colgate
360° Surround and Colgate 360° ActiFlex toothbrushes contributed to
share gains in key countries throughout the region.
Recent premium innovations contributing to strength in other
product categories include Colgate 360° ActiFlex Sonic Power
battery powered toothbrush, a new line of Palmolive liquid hand
soaps containing Mediterranean inspired fragrances and ingredients,
the relaunch of Palmolive Aromatherapy and Thermal Spa shower gels
with multi-sensory textures, Palmolive Nutra·Fruit shower gels and
Ajax Glass cleaner.
Greater Asia/Africa (20% of Company
Sales)
Greater Asia/Africa Net sales and unit volume increased 11.5%
and 8.5%, respectively, during the quarter. Volume gains were led
by the Greater China region, India, South Africa and Turkey.
Pricing decreased 1.0% and foreign exchange was positive 4.0%.
Organic sales for Greater Asia/Africa increased 7.5%.
Operating profit in Greater Asia/Africa increased 7% in the
first quarter of 2011 to $203 million driven by strong sales
growth, however, decreased as a percentage of Net sales to 25.0%.
This decrease in Operating profit as a percentage of Net sales was
due to a decrease in Gross profit partially offset by a decrease in
Selling, general and administrative expenses. The decrease in Gross
profit was due to higher raw and packaging material costs
reflecting global commodity cost increases. Selling, general and
administrative expenses decreased as higher advertising investment
was more than offset by lower logistics and overhead expenses.
Colgate strengthened its toothpaste leadership in Greater Asia,
driven by market share gains in Thailand, Malaysia and Taiwan.
Successful new products including Colgate Sensitive Pro-Relief and
Colgate Sensitive Pro-Relief Whitening toothpastes and the relaunch
of Colgate Total toothpaste contributed to growth throughout the
region.
Successful products contributing to growth in other categories
in the region include Colgate 360° Surround and Colgate Twister Gum
Care manual toothbrushes, Colgate Plax Ice and Colgate Plax Tea
mouthwashes, Palmolive Naturals Calming with Cherry Blossom and
Moisturizing Milk shower gel, Protex Pro Expert bar soap and Lady
Speed Stick and Mennen Speed Stick Waterproof deodorants.
Hill’s (13% of Company
Sales)
Hill’s Net sales grew 3.5% during the quarter. Unit volume
increased 3.0%, the best quarterly volume performance in two years.
Pricing decreased 1.5% and foreign exchange was positive 2.0%.
Volume gains were led by the U.S., France, Japan, South Africa,
Italy and Canada, while volume declined in Australia and South
Korea. Hill’s organic sales increased 1.5% during the quarter.
Operating profit in Hill’s Pet Nutrition was flat in the first
quarter of 2011, however, decreased as a percentage of Net sales to
26.4%. This decrease in Operating profit as a percentage of Net
sales was due to a decrease in Gross profit partially offset by a
decrease in Selling, general and administrative expenses. The
decrease in Gross profit was due to higher raw and packaging
material costs reflecting global commodity cost increases and lower
pricing, which more than offset cost savings from the Company’s
funding-the-growth initiative. Selling, general and administrative
expenses decreased as increased logistics and overhead expenses
were more than offset by a decrease in advertising expenses in line
with the planned timing of new product launches and a shift to
lower cost digital media.
Recent new product introductions contributing to volume growth
in the U.S. include Science Diet Healthy Mobility Canine, Science
Diet Small and Toy Breed Canine and Science Diet Healthy Advantage,
a range of veterinary exclusive products addressing the top five
essential health needs of pets.
New pet food products contributing to international sales
include Science Diet Small and Toy Breed Canine, Science Diet
Senior Advanced (15 years plus) Canine and Feline, Prescription
Diet c/d Multicare Feline and Science Plan VetEssentials Canine and
Feline.
***
About Colgate-Palmolive: Colgate-Palmolive is a leading global
consumer products company, tightly focused on Oral Care, Personal
Care, Home Care and Pet Nutrition. Colgate sells its products in
over 200 countries and territories around the world under such
internationally recognized brand names as Colgate, Palmolive,
Mennen, Softsoap, Irish Spring, Protex, Sorriso, Kolynos, Elmex,
Tom’s of Maine, Ajax, Axion, 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. To learn more about Colgate’s
global oral health education program, Bright Smiles, Bright
Futures™, please visit www.colgatebsbf.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 unit volume
growth, organic sales growth, profit or profit margin growth,
earnings growth, financial goals, the impact of currency
devaluations or exchange controls in Venezuela, cost-reduction
plans, tax rates, new product introductions or commercial
investment levels. 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, 2010) 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
financial measures used in this earnings release and/or the related
webcast:
To supplement Colgate’s condensed 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, effective tax rate, 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, 2011. 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 “Non-GAAP Reconciliation” for
the three months ended March 31, 2011 and 2010 included with this
release for a reconciliation of these financial measures to the
related GAAP measures.
This release discusses organic sales growth, which 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 2011 vs. 2010” 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 January 31, 2011 and 2010” 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, 2011 and 2010 (in Millions
Except Per Share Amounts) (Unaudited) 2011 2010
Net sales $ 3,994 $ 3,829 Cost of sales 1,663 1,561
Gross profit 2,331 2,268 Gross profit margin 58.4 %
59.2 % Selling, general and administrative expenses 1,404
1,355 Other (income) expense, net 12 235 Operating
profit 915 678 Operating profit margin 22.9 % 17.7 %
Interest expense, net 16 16 Income before income taxes 899
662 Provision for income taxes 292 275 Effective tax
rate 32.5 % 41.5 % Net income including noncontrolling
interests 607 387 Less: Net income attributable to
noncontrolling interests 31 30 Net income attributable to
Colgate-Palmolive Company $ 576 $ 357 Earnings per common
share Basic $ 1.17 $ 0.71 Diluted $ 1.16 $ 0.69 Average
common shares outstanding Basic 493.4 493.7 Diluted 496.6 519.0
Table 2
Colgate-Palmolive Company Non-GAAP
Reconciliation For the Three Months Ended March 31,
2011 and 2010 (in Millions Except Per Share Amounts)
(Unaudited) 2011 2010 Venezuela
As Adjusted
As Reported
As Reported 1
Hyperinflationary 2
Non-GAAP 1
Other (income) expense, net $ 12 $ 235 $ 271 $ (36 )
Operating profit 915 678 (271 ) 949 Operating profit margin
22.9 % 17.7 % 24.8 % Income before income taxes 899 662 (271
) 933 Effective tax rate 32.5 % 41.5 % 29.5 % Net
income including noncontrolling interests 607 387 (271 ) 658
Net income attributable to Colgate-Palmolive Company $ 576 $ 357 $
(271 ) $ 628 Earnings per common share 3 Basic $ 1.17 $ 0.71
$ (0.55 ) $ 1.26 Diluted $ 1.16 $ 0.69 $ (0.52 ) $ 1.21 1
Includes a $46 pretax ($59 aftertax, $0.11
diluted earnings per share) gain related to the remeasurement of
the Venezuelan balance sheet and lower taxes on accrued but unpaid
remittances resulting from the currency devaluation in January
2010.
2
Represents the one-time charge of
transitioning 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
difference between "As Reported" and "As Adjusted Non-GAAP" as a
result of rounding.
Table 3 Colgate-Palmolive
Company Condensed Consolidated Balance Sheets
As of March 31, 2011, December 31, 2010 and March 31,
2010 (Dollars in Millions) (Unaudited)
March 31, December 31, March 31, 2011 2010 2010 Cash
and cash equivalents $ 686 $ 490 $ 561 Receivables, net 1,787 1,610
1,709 Inventories 1,331 1,222 1,259 Other current assets 470 408
402 Property, plant and equipment, net 3,734 3,693 3,466 Other
assets, including goodwill and intangibles 3,923
3,749 3,426 Total assets $ 11,931
$ 11,172 $ 10,823 Total debt 3,804
3,424 3,117 Other current liabilities 3,644 3,119 3,456 Other
non-current liabilities 1,892 1,812
1,486 Total liabilities 9,340 8,355 8,059 Total
Colgate-Palmolive Company shareholders' equity 2,419 2,675 2,595
Noncontrolling interests 172 142
169 Total liabilities and shareholders’ equity $ 11,931
$ 11,172 $ 10,823
Supplemental
Balance Sheet Information Debt less cash, cash equivalents and
marketable securities* $ 3,075 $ 2,860 $ 2,508 Working capital % of
sales (0.6 %) 0.3 % (0.8 %) *
Marketable securities of $43, $74 and $48
as of March 31, 2011, December 31, 2010 and March 31, 2010,
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, 2011 and 2010 (Dollars in
Millions) (Unaudited) 2011 2010
Operating Activities Net income including noncontrolling
interests $ 607 $ 387
Adjustments to reconcile net income
including noncontrolling interests to net cash provided by
operations:
Depreciation and amortization 99 92 Venezuela hyperinflationary
transition charge - 271 Stock-based compensation expense 38 41
Deferred income taxes 8 34 Cash effects of changes in: Receivables
(157 ) (99 ) Inventories (85 ) (56 ) Accounts payable and other
accruals 140 27 Other non-current assets and liabilities 30
36 Net cash provided by operations 680 733
Investing Activities Capital expenditures (78 ) (81 )
Purchases of marketable securities and investments (49 ) (7 )
Proceeds from sales of marketable securities and investments 36 -
Other 20 1 Net cash used in investing
activities (71 ) (87 )
Financing Activities Principal
payments on debt (1,243 ) (1,154 ) Proceeds from issuance of debt
1,635 1,116 Dividends paid (261 ) (222 ) Purchases of treasury
shares (580 ) (505 ) Proceeds from exercise of stock options and
excess tax benefits 32 88 Net cash used
in financing activities (417 ) (677 ) Effect of exchange
rate changes on Cash and cash equivalents 4 (8
) Net increase (decrease) in Cash and cash equivalents 196 (39 )
Cash and cash equivalents at beginning of period 490
600 Cash and cash equivalents at end of period $ 686
$ 561
Supplemental Cash Flow
Information Free cash flow before dividends (Net cash provided
by operations less capital expenditures) Net cash provided by
operations $ 680 $ 733 Less: Capital expenditures (78 )
(81 ) Free cash flow before dividends $ 602 $ 652
Income taxes paid $ 144 $ 216
Table 5
Colgate-Palmolive Company Segment Information
For the Three Months Ended March 31, 2011 and 2010
(Dollars in Millions) (Unaudited) Three
Months Ended March 31, 2011 2010
Net sales Oral, Personal
and Home Care North America $ 718 $ 753 Latin America 1,097
1,006 Europe/South Pacific 832 824 Greater Asia/Africa 813
730 Total Oral, Personal and Home Care
3,460 3,313 Pet Nutrition 534 516
Total Net sales $ 3,994 $ 3,829
Three Months Ended March 31, 2011 2010
Operating
profit Oral, Personal and Home Care North America $ 192
$ 217 Latin America 1 326 340 Europe/South Pacific 185 191 Greater
Asia/Africa 203 189 Total Oral,
Personal and Home Care 906 937 Pet Nutrition 141 141
Corporate 2 (132 ) (400 )
Total Operating
profit $ 915 $ 678 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 Latin America Operating profit
for the three months ended March 31, 2010 includes a $46 pretax
gain resulting from the currency devaluation on January 8, 2010.
2 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.
Table
6 Colgate-Palmolive Company Geographic Sales
Analysis Percentage Changes - First Quarter 2011 vs
2010 March 31, 2011 (Unaudited)
COMPONENTS OF SALES CHANGE FIRST
QUARTER Pricing 1st Qtr Coupons
Sales 1st Qtr Consumer & Change
Organic Trade
Region
As Reported Sales Change
Volume Incentives
Exchange Total Company 4.5 % 1.5
% 2.0 % (0.5 %) 3.0 %
Europe/South Pacific 1.0 % (1.5
%) 1.0 % (2.5 %) 2.5 %
Latin America 9.0 % 5.0 % 0.5
% 4.5 % 4.0 %
Greater Asia/Africa 11.5 % 7.5 % 8.5 %
(1.0 %) 4.0 %
Total International 7.0 % 3.5 % 3.0 %
0.5 % 3.5 %
North America (4.5 %) (5.0 %) (1.0 %)
(4.0 %) 0.5 %
Total CP Products 4.5 % 1.5 % 2.0 %
(0.5 %) 3.0 %
Hill's 3.5 % 1.5 % 3.0 % (1.5 %) 2.0 %
Emerging Markets 1 9.5 % 5.5 %
3.5 % 2.0 % 4.0 %
Developed Markets (0.5 %) (2.0 %)
1.0 % (3.0 %) 1.5 % 1 Emerging Markets include Latin
America, Greater Asia/Africa (excluding Japan) and Central Europe.
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