Colgate-Palmolive Company (NYSE:CL):
- Net sales increased 1.5%, Organic sales* increased 4.0%
- On a GAAP basis, EPS declined 18% to $0.66; On a Base Business
basis, EPS* declined 8% to $0.74
- GAAP Gross profit margin and Base Business Gross profit margin*
both decreased 220 basis points to 58.5%
- Net cash provided by operations was $386 million for the first
three months of 2022
- Colgate’s leadership in toothpaste continued with its global
market share at 39.2% year to date
- Colgate’s leadership in manual toothbrushes continued with its
global market share at 30.7% year to date
- The Company updated its financial guidance for full year
2022
First Quarter Total Company Results
(GAAP)
($ in millions except per share
amounts)
2022
2021
Change
Net Sales
$4,399
$4,344
+1.5%
EPS (diluted)
$0.66
$0.80
-18%
First Quarter Total Company Results
(Base Business - Non-GAAP)*
($ in millions except per share
amounts)
2022
2021
Change
Organic Sales Growth
+4.0%
Base Business EPS (diluted)
$0.74
$0.80
-8%
*Indicates a non-GAAP financial measure. Please refer to
“Non-GAAP Financial Measures” later in this release for definitions
of non-GAAP financial measures and to “Table 5 - Geographic Sales
Analysis Percentage Changes” and “Table 6 - Non-GAAP
Reconciliations” included with this release for a reconciliation of
these non-GAAP financial measures to the related GAAP measures.
Colgate-Palmolive Company (NYSE:CL) today reported results for
first quarter 2022. Noel Wallace, Chairman, President and Chief
Executive Officer, commented on the Base Business first quarter
results, “We are pleased to have delivered another quarter of
organic sales growth within our targeted range of 3% to 5%, despite
a volatile operating environment worldwide. Net sales increased
1.5% and organic sales grew 4.0%, driven by higher pricing in
nearly every region. Our investments in innovation and digital
capabilities are paying off and should help us to continue our
sales growth momentum.
“While our growth continued on the top line, our profitability
was impacted by significant increases in raw material and logistics
costs worldwide, and we expect the difficult cost environment to
continue for the next several quarters. We remain sharply focused
on our revenue growth management, including additional pricing, and
funding-the-growth and other productivity initiatives. As we manage
through this difficult time, we are committed to executing our
plans with the right balance of pricing, productivity and brand
support.
“As we look around the world, there is still much uncertainty
stemming from the COVID-19 pandemic, supply chain disruptions, the
war in Ukraine and volatility in consumer demand and currencies.
Despite this environment, we are encouraged by our growth momentum,
the strength of our innovation pipeline and the progress we are
making on our digital transformation, all of which add to our
confidence that we have the right strategies in place to continue
to deliver sustainable, profitable growth over the long term.”
Full Year 2022 Guidance
Based on current spot rates:
- The Company now expects net sales growth to be at the higher
end of 1% to 4%, including a low-single-digit negative impact from
foreign exchange.
- The Company now expects organic sales growth to be within the
range of 4% to 6%.
- On a GAAP basis, the Company now expects a decline in gross
profit margin, increased advertising investment and double-digit
earnings-per-share growth.
- On a non-GAAP (Base Business) basis, the Company now expects a
decline in gross profit margin, increased advertising investment
and a mid-single-digit earnings-per-share decline.
Divisional Performance
The following are comments about divisional performance for
first quarter 2022 versus the year ago period. See attached "Table
5 - Geographic Sales Analysis Percentage Changes" and "Table 4 -
Segment Information" for additional information on net sales and
operating profit by division.
First Quarter Sales Growth By
Division (% change 1Q 2022 vs. 1Q 2021)
Net Sales
Organic Sales*
As Reported Volume
Organic Volume
Pricing
FX
North America
+0.5%
+0.5%
+1.5%
+1.5%
-1.0%
—%
Latin America
+5.5%
+6.5%
-3.5%
-3.5%
+10.0%
-1.0%
Europe
-9.0%
-3.0%
-5.0%
-5.0%
+2.0%
-6.0%
Asia Pacific
-1.5%
+1.0%
-3.5%
-3.5%
+4.5%
-2.5%
Africa/Eurasia
-2.0%
+7.5%
-6.5%
-6.5%
+14.0%
-9.5%
Hill's
+11.0%
+13.0%
+4.0%
+4.0%
+9.0%
-2.0%
Total Company
+1.5%
+4.0%
-1.5%
-1.5%
+5.5%
-2.5%
*Indicates a non-GAAP financial measure. Please refer to
“Non-GAAP Financial Measures” later in this release for definitions
of non-GAAP financial measures and to “Table 5 - Geographic Sales
Analysis Percentage Changes” included with this release for a
reconciliation of these non-GAAP financial measures to the related
GAAP measures.
First Quarter Operating Profit
By Division ($ in millions)
1Q 2022
% Change vs 1Q 2021
% to Net Sales
Change in basis points vs 1Q 2021
% to Net Sales
North America
$163
-19%
17.6%
-430
Latin America
$265
-3%
27.8%
-220
Europe
$150
-17%
22.9%
-220
Asia Pacific
$206
-8%
28.4%
-190
Africa/Eurasia
$44
-19%
16.5%
-340
Hill's
$204
-5%
23.4%
-400
Total Company, As Reported
$860
-14%
19.5%
-360
Total Company, Base Business*
$923
-8%
21.0%
-210
*Indicates a non-GAAP financial measure. Please refer to
“Non-GAAP Financial Measures” later in this release for definitions
of non-GAAP financial measures and to “Table 6 - Non-GAAP
Reconciliations” included with this release for a reconciliation of
these non-GAAP financial measures to the related GAAP measures.
North America (21% of Company
Sales)
- Organic sales growth in oral care and personal care was
partially offset by organic sales declines in home care.
- In the United States, Colgate's share of the toothpaste market
is 33.5% year to date and its share of the manual toothbrush market
is 44.4% year to date.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs and higher overhead expenses, driven by higher
logistics costs, partially offset by cost savings from the
Company’s funding-the-growth initiatives.
Latin America (21% of Company
Sales)
- Organic sales growth was led by Mexico, Argentina, Colombia and
Brazil.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs and higher logistics costs, partially offset by
higher pricing, cost savings from the Company’s funding-the-growth
initiatives, decreased advertising investment, overhead
efficiencies and a value-added tax refund.
Europe (15% of Company
Sales)
- Organic sales declines in the Filorga duty-free business,
France and Spain were partially offset by organic sales growth in
Germany.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs and higher overhead expenses, primarily driven by
higher logistics costs, partially offset by cost savings from the
Company’s funding-the-growth initiatives, decreased advertising
investment and higher pricing.
Asia Pacific (17% of Company
Sales)
- Organic sales growth in Australia, the Philippines and
Indonesia was partially offset by organic sales declines in the
Greater China region and Thailand.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs and higher logistics costs, partially offset by cost
savings from the Company's funding-the-growth initiatives, higher
pricing and overhead efficiencies.
Africa/Eurasia (6% of Company
Sales)
- Organic sales growth was led by Turkiye and South Africa.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs, which included foreign exchange transaction costs,
higher overhead expenses, primarily driven by higher logistics
costs, and costs incurred due to the war in Ukraine, partially
offset by higher pricing, decreased advertising investment and cost
savings from the Company’s funding-the-growth initiatives.
Hill's Pet Nutrition (20% of Company
Sales)
- Organic sales growth was led by the United States and
Europe.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs and higher overhead expenses, primarily driven by
higher logistics costs, partially offset by higher pricing,
decreased advertising investment and cost savings from the
Company’s funding-the-growth initiatives.
Prepared Management Remarks and Webcast
Information
As a new practice, at approximately 7:00 a.m. ET today, Colgate
will post its prepared management remarks (in PDF format) regarding
first quarter results to the Investor Center section of its website
at www.colgatepalmolive.com/investors.
At 8:30 a.m. ET today, Colgate will host a conference call
regarding first quarter results. To access this call as a webcast,
please go to Colgate’s website at www.colgatepalmolive.com.
About Colgate-Palmolive
Colgate-Palmolive Company is a caring, innovative growth company
reimagining a healthier future for all people, their pets and our
planet. Focused on Oral Care, Personal Care, Home Care and Pet
Nutrition, we sell our products in more than 200 countries and
territories under brands such as Colgate, Palmolive, elmex, hello,
meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring,
PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion,
Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and
Hill’s Prescription Diet. We are recognized for our leadership and
innovation in promoting sustainability and community wellbeing,
including our achievements in decreasing plastic waste and
promoting recyclability, saving water, conserving natural resources
and improving children’s oral health through the Colgate Bright
Smiles, Bright Futures program, which has reached more than 1.4
billion children since 1991. For more information about Colgate’s
global business and how we are building a future to smile about,
visit www.colgatepalmolive.com. CL-E
Market Share Information
Management uses market share information as a key indicator to
monitor business health and performance. References to market share
in this press release are based on a combination of consumption and
market share data provided by third-party vendors, primarily
Nielsen, and internal estimates. All market share references
represent the percentage of the dollar value of sales of our
products, relative to all product sales in the category in the
countries in which the Company competes and purchases data
(excluding Venezuela from all periods).
Market share data is subject to limitations on the availability
of up-to-date information. In particular, market share data is
currently not generally available for certain retail channels, such
as eCommerce and certain club retailers and discounters. The
Company measures year-to-date market shares from January 1 of the
relevant year through the most recent period for which market share
data is available, which typically reflects a lag time of one or
two months. The Company believes that the third-party vendors it
uses to provide data are reliable, but it has not verified the
accuracy or completeness of the data or any assumptions underlying
the data. In certain limited circumstances, the COVID-19 pandemic
has impacted the ability of our third-party vendors to provide the
Company with reliable updated market share data. In addition,
market share information reported by the Company may be different
from market share information reported by other companies due to
differences in category definitions, the use of data from different
countries, internal estimates and other factors.
Cautionary Statement on Forward-Looking
Statements
This press release and the related webcast may contain
forward-looking statements (as that term is defined in the U.S.
Private Securities Litigation Reform Act of 1995 or by the
Securities and Exchange Commission (SEC) in its rules, regulations
and releases) that set forth anticipated results based on
management’s current plans and assumptions. Such statements may
relate, for example, to sales or volume growth, net selling price
increases, organic sales growth, profit or profit margin levels,
earnings per share levels, financial goals, the impact of foreign
exchange, the impact of COVID-19, the impact of the war in Ukraine,
cost-reduction plans, including the 2022 Global Productivity
Initiative, tax rates, new product introductions and digital
capabilities, commercial investment levels, acquisitions,
divestitures, share repurchases, or legal or tax proceedings, among
other matters. These statements are made on the basis of the
Company’s views and assumptions as of this time and the Company
undertakes no obligation to update these statements whether as a
result of new information, future events or otherwise, except as
required by law or by the rules and regulations of the SEC.
Moreover, the Company does not, nor does any other person, assume
responsibility for the accuracy and completeness of these
statements. The Company cautions 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. For more information about factors that could impact
the Company’s business and cause actual results to differ
materially from forward-looking statements, investors should refer
to the Company’s filings with the SEC (including, but not limited
to, the information set forth under the captions “Risk Factors” and
“Cautionary Statement on Forward-Looking Statements” in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2021 and subsequent Quarterly Reports on Form 10-Q). Copies of
these filings may be obtained upon request from the Company’s
Investor Relations Department or on the Company’s website at
www.colgatepalmolive.com.
Non-GAAP Financial
Measures
The following provides definitions and other information
regarding the non-GAAP financial measures used in this press
release and/or the related webcast, which may not be the same as or
comparable to similar measures presented by other companies:
- Base Business: Base Business refers to non-GAAP measures of
operating results that exclude certain items. Base Business
operating results exclude, as applicable, charges relating to the
2022 Global Productivity Initiative.
- Organic sales growth: Net sales growth excluding the impact of
foreign exchange, acquisitions and divestments.
- Free cash flow before dividends: Net cash provided by
operations less Capital expenditures.
This press release discusses Net sales growth (GAAP) and Organic
sales growth (non-GAAP). Management believes the organic sales
growth measure provides investors and analysts 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” for
the three months ended March 31, 2022 versus 2021 included with
this release for a comparison of Organic sales growth to Net sales
growth in accordance with GAAP.
Worldwide Gross profit, Gross profit margin, Other (income)
expense, net, Operating profit, Operating profit margin, Effective
income tax rate, Net income attributable to Colgate-Palmolive
Company and Diluted earnings per common share are disclosed on both
an as reported (GAAP) and Base Business (non-GAAP) basis. These
non-GAAP financial measures exclude items that, either by their
nature or amount, management would not expect to occur as part of
the Company’s normal business on a regular basis, such as
restructuring charges, charges for certain litigation and tax
matters, gains and losses from certain acquisitions, divestitures
and certain other unusual, non-recurring items. Investors and
analysts use these financial measures in assessing the Company’s
business performance, and management believes that presenting these
financial measures on a non-GAAP basis provides them with useful
supplemental information to enhance their understanding of the
Company’s underlying business performance and trends. These
non-GAAP financial measures also enhance the ability to compare
period-to-period financial results. See “Non-GAAP Reconciliations”
for the three months ended March 31, 2022 and 2021 included with
this release for a reconciliation of these financial measures to
the related GAAP measures.
The Company uses these financial measures internally in its
budgeting process, to evaluate segment and overall operating
performance and as factors in determining compensation. While the
Company believes that these financial measures are useful in
evaluating the Company’s underlying business performance and
trends, 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.
As management uses free cash flow before dividends to evaluate
the Company’s ability to satisfy current and future obligations,
pay dividends, fund future business opportunities and repurchase
stock, 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. See “Condensed Consolidated
Statements of Cash Flows” for the three months ended March 31, 2022
and 2021 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
Condensed Consolidated
Statements of Income
For the Three Months Ended
March 31, 2022 and 2021
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
2022
2021
Net sales
$
4,399
$
4,344
Cost of sales
1,827
1,707
Gross profit
2,572
2,637
Gross profit margin
58.5
%
60.7
%
Selling, general and administrative
expenses
1,641
1,605
Other (income) expense, net
71
28
Operating profit
860
1,004
Operating profit margin
19.5
%
23.1
%
Non-service related postretirement
costs
38
18
Interest (income) expense, net
27
29
Income before income taxes
795
957
Provision for income taxes
192
229
Effective tax rate
24.2
%
23.9
%
Net income including noncontrolling
interests
603
728
Less: Net income attributable to
noncontrolling interests
44
47
Net income attributable to
Colgate-Palmolive Company
$
559
$
681
Earnings per common share
Basic
$
0.67
$
0.80
Diluted
$
0.66
$
0.80
Supplemental Income Statement
Information
Average common shares outstanding
Basic
840.6
848.6
Diluted
843.7
851.4
Advertising
$
506
$
535
Table 2
Colgate-Palmolive
Company
Condensed Consolidated Balance
Sheets
As of March 31, 2022, December
31, 2021 and March 31, 2021
(Dollars in Millions)
(Unaudited)
March 31, 2022
December 31, 2021
March 31, 2021
Cash and cash equivalents
$
877
$
832
$
995
Receivables, net
1,532
1,297
1,402
Inventories
1,924
1,692
1,676
Other current assets
656
576
490
Property, plant and equipment, net
3,752
3,730
3,609
Goodwill
3,292
3,284
3,701
Other intangible assets, net
2,415
2,462
2,787
Other assets
1,275
1,167
1,141
Total assets
$
15,723
$
15,040
$
15,801
Total debt
$
7,607
$
7,245
$
7,833
Other current liabilities
4,547
4,000
4,276
Other non-current liabilities
2,841
2,824
3,029
Total liabilities
14,995
14,069
15,138
Total Colgate-Palmolive Company
shareholders’ equity
321
609
262
Noncontrolling interests
407
362
401
Total liabilities and equity
$
15,723
$
15,040
$
15,801
Supplemental Balance Sheet
Information
Debt less cash, cash equivalents and
marketable securities(1)
$
6,672
$
6,379
$
6,776
Working capital % of sales
(2.8
) %
(2.7
) %
(4.4
) %
Note: (1) Marketable securities of $58, $34 and $62 as of March
31, 2022, December 31, 2021 and March 31, 2021, respectively, are
included in Other current assets.
Table 3
Colgate-Palmolive
Company
Condensed Consolidated
Statements of Cash Flows
For the Three Months Ended
March 31, 2022 and 2021
(Dollars in Millions)
(Unaudited)
2022
2021
Operating Activities
Net income including noncontrolling
interests
$
603
$
728
Adjustments to reconcile Net income
including noncontrolling interests to Net cash provided by
operations:
Depreciation and amortization
138
137
Restructuring and termination benefits,
net of cash
81
(13
)
Stock-based compensation expense
29
38
Deferred income taxes
(7
)
6
Cash effects of changes in:
Receivables
(197
)
(170
)
Inventories
(215
)
(40
)
Accounts payable and other accruals
(28
)
(75
)
Other non-current assets and
liabilities
(18
)
(13
)
Net cash provided by (used in)
operations
386
598
Investing Activities
Capital expenditures
(122
)
(107
)
Purchases of marketable securities and
investments
(36
)
(29
)
Proceeds from sale of marketable
securities and investments
14
—
Other investing activities
3
(6
)
Net cash provided by (used in) investing
activities
(141
)
(142
)
Financing Activities
Short-term borrowing (repayment) less than
90 days, net
413
365
Proceeds from issuance of debt
5
25
Dividends paid
(378
)
(376
)
Purchases of treasury shares
(410
)
(372
)
Proceeds from exercise of stock
options
171
30
Other
(5
)
(6
)
Net cash provided by (used in) financing
activities
(204
)
(334
)
Effect of exchange rate changes on Cash
and cash equivalents
4
(15
)
Net increase (decrease) in Cash and cash
equivalents
45
107
Cash and cash equivalents at beginning of
the period
832
888
Cash and cash equivalents at end of the
period
$
877
$
995
Supplemental Cash Flow
Information
Free cash flow before dividends (Net cash
provided by operations less Capital expenditures)
Net cash provided by operations
$
386
$
598
Less: Capital expenditures
(122
)
(107
)
Free cash flow before dividends
$
264
$
491
Income taxes paid
$
155
$
227
Table 4
Colgate-Palmolive
Company
Segment Information
For the Three Months Ended
March 31, 2022 and 2021
(Dollars in Millions)
(Unaudited)
Three Months Ended March 31,
2022
2021
Net Sales
Oral, Personal and Home Care
North America
$
926
$
923
Latin America
954
907
Europe
654
717
Asia Pacific
726
739
Africa/Eurasia
267
272
Total Oral, Personal and Home Care
3,527
3,558
Pet Nutrition
872
786
Total Net Sales
$
4,399
$
4,344
Three Months Ended March 31,
2022
2021
Operating Profit
Oral, Personal and Home Care
North America
$
163
$
202
Latin America
265
272
Europe
150
180
Asia Pacific
206
224
Africa/Eurasia
44
54
Total Oral, Personal and Home Care
828
932
Pet Nutrition
204
215
Corporate(1)
(172
)
(143
)
Total Operating Profit
$
860
$
1,004
Note: (1) Corporate operations include costs related to stock
options and restricted stock units, research and development costs,
Corporate overhead costs, restructuring and related implementation
charges and gains and losses on sales of non-core product lines and
assets.
Corporate Operating profit (loss) for the three months ended
March 31, 2022 included charges resulting from the 2022 Global
Productivity Initiative of $63.
Table 5
Colgate-Palmolive
Company
Geographic Sales Analysis
Percentage Changes
For the Three Months Ended
March 31, 2022 vs. 2021
(Unaudited)
COMPONENTS OF SALES
CHANGE
Region
Sales Change As Reported
Organic Sales Change
As Reported Volume
Organic Volume
Pricing Coupons Consumer &
Trade Incentives
Foreign Exchange
Total Company
1.5
%
4.0
%
(1.5
) %
(1.5
) %
5.5
%
(2.5
) %
North America
0.5
%
0.5
%
1.5
%
1.5
%
(1.0
) %
—
%
Latin America
5.5
%
6.5
%
(3.5
) %
(3.5
) %
10.0
%
(1.0
) %
Europe
(9.0
) %
(3.0
) %
(5.0
) %
(5.0
) %
2.0
%
(6.0
) %
Asia Pacific
(1.5
) %
1.0
%
(3.5
) %
(3.5
) %
4.5
%
(2.5
) %
Africa/Eurasia
(2.0
) %
7.5
%
(6.5
) %
(6.5
) %
14.0
%
(9.5
) %
Total CP Products
(1.0
) %
2.0
%
(2.5
) %
(2.5
) %
4.5
%
(3.0
) %
Hill’s
11.0
%
13.0
%
4.0
%
4.0
%
9.0
%
(2.0
) %
Emerging Markets(1)
1.5
%
4.5
%
(4.0
) %
(4.0
) %
8.5
%
(3.0
) %
Developed Markets
1.0
%
3.5
%
0.5
%
0.5
%
3.0
%
(2.5
) %
Note: (1) Emerging Markets include Latin America, Asia
(excluding Japan), Africa/Eurasia and Central Europe.
Table 6
Colgate-Palmolive
Company
Non-GAAP
Reconciliations
For the Three Months Ended
March 31, 2022 and 2021
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
Other (Income) Expense, Net
2022
2021
Other (income) expense, net, GAAP
$
71
$
28
2022 Global Productivity Initiative
(63
)
—
Other (income) expense, net, non-GAAP
$
8
$
28
Operating Profit
2022
2021
% Change
Operating profit, GAAP
$
860
$
1,004
(14
) %
2022 Global Productivity Initiative
63
—
Operating profit, non-GAAP
$
923
$
1,004
(8
) %
Operating Profit Margin
2022
2021
Basis Point Change
Operating profit margin, GAAP
19.5
%
23.1
%
(360
)
2022 Global Productivity Initiative
1.5
%
—
%
Operating profit margin, non-GAAP
21.0
%
23.1
%
(210
)
Non-Service Related Postretirement
Costs
2022
2021
Non-service related postretirement costs,
GAAP
$
38
$
18
2022 Global Productivity Initiative
(19
)
—
Non-service related postretirement costs,
non-GAAP
$
19
$
18
2022
Income Before Income
Taxes
Provision For Income
Taxes(1)
Net Income Including
Noncontrolling Interests
Net Income Attributable To
Colgate-Palmolive Company
Effective Income Tax
Rate(2)
Diluted Earnings Per
Share
As Reported GAAP
$
795
$
192
$
603
$
559
24.2
%
$
0.66
2022 Global Productivity Initiative
82
17
65
65
(0.4
) %
0.08
Non-GAAP
$
877
$
209
$
668
$
624
23.8
%
$
0.74
The impact of non-GAAP adjustments may not necessarily equal the
difference between “GAAP” and “non-GAAP” as a result of
rounding.
Notes: (1) The income tax effect on non-GAAP items is calculated
based upon the tax laws and statutory income tax rates applicable
in the tax jurisdiction(s) of the underlying non-GAAP
adjustment.
(2) The impact of non-GAAP items on the Company’s effective tax
rate represents the difference in the effective tax rate calculated
with and without the non-GAAP adjustment on Income before income
taxes and Provision for income taxes.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220429005047/en/
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