Colgate-Palmolive 1Q Profit Falls on Higher Costs
April 29 2022 - 7:36AM
Dow Jones News
By Will Feuer
Colgate-Palmolive Co. said its profit fell in the first quarter
as higher costs outpaced price increases.
The consumer-products company posted net income of $559 million,
compared with $681 million a year earlier. Earnings were 66 cents a
share, down from 80 cents a share a year ago.
The company said its drop in earnings was driven by increases in
raw and packaging material costs and overhead expenses, driven by
higher logistics costs. Higher costs were partially offset by price
increases, the company said.
Adjusted earnings were 74 cents a share, matching expectations
of analysts polled by FactSet.
Net sales rose 1.5% to $4.40 billion, the company said. Organic
sales, which strip out currency effects, rose 4%, driven by higher
pricing in nearly every region. Analysts were looking for $4.40
billion.
Cost of sales rose from $1.71 billion to $1.83 billion.
"We expect the difficult cost environment to continue for the
next several quarters," Chief Executive Noel Wallace said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 29, 2022 07:21 ET (11:21 GMT)
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