Colgate 1Q Profit Grows on Higher North America Sales

By Matt Grossman

Colgate-Palmolive Co. on Friday reported a higher-than-expected first-quarter profit as sales of consumer goods in North America rose.

The New York City-based consumer-products company reported a first-quarter profit of $715 million, or 83 cents a share, compared with $560 million, or 65 cents a share, for the first three months of 2019.

On an adjusted basis, Colgate's profit was 75 cents a share, the company said. Analysts were expecting an adjusted profit of 73 cents a share, according to FactSet.

Revenue was $4.1 billion, up from $3.88 billion for the year-earlier period. Wall Street had forecast revenue of $4.08 billion for the period.

Sales of oral-, personal- and home-care products in North America grew 8.9% year over year in the quarter. Colgate Chairman and Chief Executive Noel Wallace said that some of the additional volume in the first quarter could lead to reductions in future quarters as consumers take time to use additional supplies they bought.

The company withdrew its financial guidance for the full year, citing uncertainty caused by the Covid-19 pandemic.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

May 01, 2020 07:33 ET (11:33 GMT)

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