Colgate-Palmolive 2Q Sales Rise on Higher Soap Demand
July 31 2020 - 7:49AM
Dow Jones News
By Robert Barba
Colgate-Palmolive Co. reported a roughly 1% rise in net sales in
the latest quarter as demand for soap and cleaners remained
elevated during the Covid-19 pandemic.
The consumer-goods company reported second-quarter net sales of
$3.89 billion, compared with $3.86 billion a year earlier. The
company said sales growth was affected by foreign exchange in the
quarter and said organic sales, which strip out such levers, were
up 5.5% and reflected higher volume and pricing.
While the company continues to see higher demand for soaps and
cleaners, it is starting to see the effects of consumers working
down their pantry inventories, particularly in Europe, said Noel
Wallace, chairman, president and chief executive, in prepared
remarks.
Earnings for the quarter were $635 million, or 74 cents a share,
compared with $586 million, or 68 cents a share, a year earlier.
Adjusted earnings were also 74 cents a share.
Analysts polled by FactSet expected adjusted earnings of 68
cents a share on sales of $3.78 billion.
Mr. Wallace also said the company has decided not to reinstate
its guidance amid the pandemic.
"As we proceed through this pandemic we plan to reinstate our
guidance when we have the visibility to forecast our results with
more confidence, " he said.
Write to Robert Barba at robert.barba@wsj.com
(END) Dow Jones Newswires
July 31, 2020 07:34 ET (11:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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