Colgate 1Q Profit Grows on Higher North America Sales
May 01 2020 - 7:48AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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