Colgate-Palmolive Company (NYSE:CL):
- Net sales increased 2.4%; Organic sales* increased 6.8%
- GAAP EPS increased 5% to $0.90; Base Business EPS* increased 6%
to $0.91
- GAAP Gross profit margin increased 260 basis points to 61.1%;
Base Business Gross profit margin* increased 270 basis points to
61.3%
- Net cash provided by operations was $2,838 million for the
first nine months of 2024
- Colgate’s leadership in toothpaste continued with its global
market share at 41.6% year to date
- Colgate’s leadership in manual toothbrushes continued with its
global market share at 32.3% year to date
- The Company updated its financial guidance for full year
2024
Third Quarter Total Company Results
(GAAP)
($ in millions except per share
amounts)
2024
2023
Change
Net Sales
$5,033
$4,915
+2.4%
EPS (diluted)
$0.90
$0.86
+5%
Third Quarter Total Company Results
(Base Business - Non-GAAP)*
2024
2023
Change
Organic Sales Growth
+6.8%
Base Business EPS (diluted)
$0.91
$0.86
+6%
*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 -
Geographic Sales Analysis Percentage Changes” and “Table 8 -
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
third quarter 2024. Noel Wallace, Chairman, President and Chief
Executive Officer, commented on the Base Business third quarter
results, “We are very pleased to have delivered another quarter of
strong top and bottom line results with earnings exceeding our
expectations. Net sales increased 2.4% and organic sales grew 6.8%
(on top of 8.8% organic sales growth in the year ago quarter)
driven by a healthy balance of volume growth and higher pricing.
Every operating division delivered positive volume growth for the
second consecutive quarter as we focus on increasing household
penetration to drive category growth and market shares.
“We are particularly pleased with the quality of our results
this quarter on top of our strong first half results. This is our
sixth consecutive quarter delivering gross margin expansion along
with growth in operating profit, net income and earnings per share.
Advertising increased 16% in the quarter behind science-led, core
and premium innovation across price tiers. We expect continued
strong advertising investment through the remainder of the year as
we focus on building brand health and scaling the capabilities
needed to drive growth.
“Our strong results this quarter and year to date add to our
confidence that we are executing the right strategies to deliver on
our updated 2024 organic sales and Base Business earnings growth
expectations, drive cash flow and generate consistent, compounded
earnings per share growth.”
Full Year 2024 Guidance
Based on current spot rates:
- The Company now expects net sales growth of 3% to 5% (versus 2%
to 5% previously) including a mid-single-digit negative impact from
foreign exchange.
- The Company now expects organic sales growth of 7% to 8%
(versus 6% to 8% previously).
- On a GAAP basis, the Company still expects gross profit margin
expansion, increased advertising investment and double-digit
earnings per share growth.
- On a non-GAAP (Base Business) basis, the Company still expects
gross profit margin expansion and increased advertising investment
and now expects earnings per share growth of 10% to 11% (versus 8%
to 11% previously).
Divisional Performance
See attached "Table 6 - Geographic Sales Analysis Percentage
Changes" and "Table 5 - Segment Information" for additional
information on net sales and operating profit by division.
Third Quarter Sales Growth By
Division (% change 3Q 2024 vs. 3Q 2023 except % of Total
Company Sales)
% of Total Company Sales
Net Sales
Organic Sales*
As Reported Volume
Organic Volume
Pricing
FX
North America(1)
20%
-2.1%
-1.9%
+1.2%
+1.2%
-3.2%
-0.2%
Latin America
23%
-3.2%
+14.2%
+3.3%
+3.3%
+10.9%
-17.4%
Europe(1)
15%
+8.0%
+6.3%
+4.1%
+4.1%
+2.2%
+1.6%
Asia Pacific
14%
+6.3%
+6.1%
+6.5%
+6.5%
-0.3%
+0.2%
Africa/Eurasia
6%
+4.8%
+10.8%
+6.9%
+6.9%
+3.9%
-6.0%
Hill’s
22%
+6.3%
+6.5%
+3.6%
+3.6%
+2.8%
-0.1%
Total Company
100%
+2.4%
+6.8%
+3.7%
+3.7%
+3.1%
-4.4%
Note: Table may not sum due to
rounding.
(1) The Company has recast its historical
geographic segment information to conform to the reporting
structure effective as of July 1, 2024. The results of the skin
health business previously reported within the Europe reportable
operating segment are reported with the other skin health
businesses in the North America reportable operating segment.
Recast historical geographic segment information can be found on
the Company's website.
*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 -
Geographic Sales Analysis Percentage Changes” included with this
release for a reconciliation of these non-GAAP financial measures
to the related GAAP measures.
Third Quarter Operating Profit By
Division ($ in millions)
3Q 2024
% Change vs 3Q 2023
% to Net Sales
Change in basis points vs 3Q 2023
% to Net Sales
North America(1)
$206
-9%
20.5%
-170
Latin America
$365
-2%
31.6%
+40
Europe(1)
$181
10%
24.3%
+30
Asia Pacific
$199
3%
27.4%
-90
Africa/Eurasia
$65
-1%
23.4%
-140
Hill’s
$258
28%
22.9%
+390
Total Company, As Reported
$1,065
4%
21.2%
+30
Total Company, Base Business*
$1,080
5%
21.5%
+50
(1) The Company has recast its historical
geographic segment information to conform to the reporting
structure effective as of July 1, 2024.
*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 8 -
Non-GAAP Reconciliations” included with this release for a
reconciliation of these non-GAAP financial measures to the related
GAAP measures.
Prepared Materials and Webcast
Information
At approximately 7:00 a.m. ET today, Colgate will post its
prepared materials (in PDF format) regarding third quarter results
to the Investor Center section of its website at
https://investor.colgatepalmolive.com/events-and-presentations.
At 8:30 a.m. ET today, Colgate will host a conference call
regarding third 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
that is 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,
Lady Speed Stick, PCA SKIN, Protex, Sanex, Softsoap, Speed Stick,
Ajax, Axion, Fabuloso, Murphy, Soupline and Suavitel, as well as
Hill’s Science Diet and Hill’s Prescription Diet. The Company is
recognized for its leadership and innovation in promoting
sustainability and community wellbeing, including its 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 approximately 1.7 billion children and their
families since 1991. For more information about Colgate’s global
business and how the Company is 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 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 the wars in Ukraine and the Middle East,
cost-reduction plans (including the 2022 Global Productivity
Initiative), tax rates, interest rates, new product introductions,
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, 2023 and subsequent filings with the SEC). 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 the related prepared materials and 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 related to an
ERISA litigation matter, a foreign tax matter and the 2022 Global
Productivity Initiative and product recall costs.
- 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 and nine months ended September 30, 2024 versus 2023
included with this release for a comparison of Organic sales growth
to Net sales growth in accordance with GAAP.
Gross Profit, Gross Profit margin, Selling, general and
administrative expenses, Selling, general and administrative
expenses as a percentage of Net sales, Other (income) expense, net,
Operating profit, Operating profit margin, Non-service related
postretirement costs, 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, acquisition-related costs,
gains and losses from certain 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 and nine months ended
September 30, 2024 and 2023 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 nine months ended September 30,
2024 and 2023 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 third quarter
results.)
Table 1
Colgate-Palmolive
Company
Condensed Consolidated
Statements of Income
For the Three Months Ended
September 30, 2024 and 2023
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
2024
2023
Net sales
$
5,033
$
4,915
Cost of sales
1,959
2,038
Gross profit
3,074
2,877
Gross profit margin
61.1
%
58.5
%
Selling, general and administrative
expenses
1,979
1,822
Other (income) expense, net
30
26
Operating profit
1,065
1,029
Operating profit margin
21.2
%
20.9
%
Non-service related postretirement
costs
23
15
Interest (income) expense, net
56
58
Income before income taxes
986
956
Provision for income taxes
210
209
Effective tax rate
21.3
%
21.9
%
Net income including noncontrolling
interests
776
747
Less: Net income attributable to
noncontrolling interests
39
39
Net income attributable to
Colgate-Palmolive Company
$
737
$
708
Earnings per common share
Basic
$
0.90
$
0.86
Diluted
$
0.90
$
0.86
Supplemental Income Statement
Information
Average common shares outstanding
Basic
817.7
825.6
Diluted
822.5
827.3
Advertising
$
694
$
598
Table 2
Colgate-Palmolive
Company
Condensed Consolidated
Statements of Income
For the Nine Months Ended
September 30, 2024 and 2023
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
2024
2023
Net sales
$
15,156
$
14,507
Cost of sales
5,977
6,131
Gross profit
9,179
8,376
Gross profit margin
60.6
%
57.7
%
Selling, general and administrative
expenses
5,833
5,348
Other (income) expense, net
141
116
Operating profit
3,205
2,912
Operating profit margin
21.1
%
20.1
%
Non-service related postretirement
costs
67
338
Interest (income) expense, net
175
170
Income before income taxes
2,963
2,404
Provision for income taxes
693
709
Effective tax rate
23.4
%
29.5
%
Net income including noncontrolling
interests
2,270
1,695
Less: Net income attributable to
noncontrolling interests
120
113
Net income attributable to
Colgate-Palmolive Company
$
2,150
$
1,582
Earnings per common share
Basic(1)
$
2.62
$
1.91
Diluted(1)
$
2.61
$
1.90
Supplemental Income Statement
Information
Average common shares outstanding
Basic
820.1
828.8
Diluted
824.2
830.5
Advertising
$
2,072
$
1,778
Note:
(1) Basic and diluted earnings per share
are computed independently for each quarter and any year-to-date
period presented. As a result of changes in shares outstanding
during the year and rounding, the sum of the quarters' earnings per
share may not equal the earnings per share for any year-to-date
period.
Table 3
Colgate-Palmolive
Company
Condensed Consolidated Balance
Sheets
As of September 30, 2024,
December 31, 2023 and September 30, 2023
(Dollars in Millions)
(Unaudited)
September 30,
December 31,
September 30,
2024
2023
2023
Cash and cash equivalents
$
1,234
$
966
$
951
Receivables, net
1,712
1,586
1,577
Inventories
2,041
1,934
1,931
Other current assets
819
793
898
Property, plant and equipment, net
4,421
4,582
4,409
Goodwill
3,389
3,410
3,327
Other intangible assets, net
1,834
1,887
1,861
Other assets
1,324
1,235
1,089
Total assets
$
16,774
$
16,393
$
16,043
Total debt
$
8,436
$
8,549
$
8,724
Other current liabilities
5,038
4,411
4,568
Other non-current liabilities
2,464
2,476
2,345
Total liabilities
15,938
15,436
15,637
Total Colgate-Palmolive Company
shareholders’ equity
435
609
(9
)
Noncontrolling interests
401
348
415
Total liabilities and equity
$
16,774
$
16,393
$
16,043
Supplemental Balance Sheet
Information
Debt less cash, cash equivalents and
marketable securities(1)
$
6,942
$
7,404
$
7,526
Working capital % of sales
(3.6
)%
(1.4
)%
(2.1
)%
Note:
(1) Marketable securities of $260, $179
and $247 as of September 30, 2024, December 31, 2023 and September
30, 2023, respectively, are included in Other current assets.
Table 4
Colgate-Palmolive
Company
Condensed Consolidated
Statements of Cash Flows
For the Nine Months Ended
September 30, 2024 and 2023
(Dollars in Millions)
(Unaudited)
2024
2023
Operating Activities
Net income including noncontrolling
interests
$
2,270
$
1,695
Adjustments to reconcile Net income
including noncontrolling interests to Net cash provided by
operations:
Depreciation and amortization
457
417
ERISA litigation matter
—
267
Restructuring and termination benefits,
net of cash
54
(17
)
Stock-based compensation expense
108
97
Deferred income taxes
(98
)
(109
)
Cash effects of changes in:
Receivables
(184
)
(62
)
Inventories
(94
)
150
Accounts payable and other accruals
327
168
Other non-current assets and
liabilities
(2
)
3
Net cash provided by (used in)
operations
2,838
2,609
Investing Activities
Capital expenditures
(377
)
(508
)
Purchases of marketable securities and
investments
(358
)
(324
)
Proceeds from sale of marketable
securities and investments
260
264
Other investing activities
21
(31
)
Net cash provided by (used in) investing
activities
(454
)
(599
)
Financing Activities
Short-term borrowing (repayment) less than
90 days, net
337
(564
)
Principal payments of debt
(502
)
(903
)
Proceeds from issuance of debt
2
1,497
Dividends paid
(1,275
)
(1,243
)
Purchases of treasury shares
(1,284
)
(883
)
Proceeds from exercise of stock
options
611
325
Other financing activities
1
(30
)
Net cash provided by (used in) financing
activities
(2,110
)
(1,801
)
Effect of exchange rate changes on Cash
and cash equivalents
(6
)
(33
)
Net increase (decrease) in Cash and cash
equivalents
268
176
Cash and cash equivalents at beginning of
the period
966
775
Cash and cash equivalents at end of the
period
$
1,234
$
951
Supplemental Cash Flow
Information
Free cash flow before dividends (Net cash
provided by operations less Capital expenditures)
Net cash provided by operations
$
2,838
$
2,609
Less: Capital expenditures
(377
)
(508
)
Free cash flow before dividends
$
2,461
$
2,101
Income taxes paid
$
762
$
726
Interest paid
$
267
$
243
Table 5
Colgate-Palmolive
Company
Segment Information
For the Three and Nine Months
Ended September 30, 2024 and 2023
(Dollars in Millions)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net Sales
Oral, Personal and Home Care
North America(1)
$
1,004
$
1,025
$
3,076
$
3,044
Latin America
1,156
1,194
3,676
3,447
Europe(1)
744
690
2,102
1,935
Asia Pacific
725
682
2,133
2,084
Africa/Eurasia
278
266
827
822
Total Oral, Personal and Home Care
3,907
3,857
11,814
11,332
Pet Nutrition
1,126
1,058
3,342
3,175
Total Net Sales
$
5,033
$
4,915
$
15,156
$
14,507
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Operating Profit
Oral, Personal and Home Care
North America(1)
$
206
$
227
$
633
$
640
Latin America
365
372
1,187
1,050
Europe(1)
181
165
502
422
Asia Pacific
199
193
602
564
Africa/Eurasia
65
66
195
196
Total Oral, Personal and Home Care
1,016
1,024
3,119
2,873
Pet Nutrition
258
201
691
575
Corporate(2)
(208
)
(196
)
(605
)
(536
)
Total Operating Profit
$
1,065
$
1,029
$
3,205
$
2,912
Notes: Tables may not sum due to rounding.
(1) The Company has recast its historical
geographic segment information to conform to the reporting
structure effective as of July 1, 2024.
(2) 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 September 30, 2024 and September 30,
2023 included charges resulting from the 2022 Global Productivity
Initiative of $15 and $2, respectively.
Corporate Operating profit (loss) for the
nine months ended September 30, 2024 included charges resulting
from the 2022 Global Productivity Initiative of $77.
Corporate Operating profit (loss) for the
nine months ended September 30, 2023 included product recall costs
of $25 and charges resulting from the 2022 Global Productivity
Initiative of $25.
Table 6
Colgate-Palmolive
Company
Geographic Sales Analysis
Percentage Changes
For the Three Months Ended
September 30, 2024 vs. 2023
(Unaudited)
COMPONENTS OF SALES
CHANGE
Pricing
Coupons
Sales
Consumer &
Change
Organic
As Reported
Organic
Trade
Foreign
Region
As
Reported
Sales
Change
Volume
Volume
Incentives
Exchange
Total Company
2.4
%
6.8
%
3.7
%
3.7
%
3.1
%
(4.4
)%
North America(1)
(2.1
)%
(1.9
)%
1.2
%
1.2
%
(3.2
)%
(0.2
)%
Latin America
(3.2
)%
14.2
%
3.3
%
3.3
%
10.9
%
(17.4
)%
Europe(1)
8.0
%
6.3
%
4.1
%
4.1
%
2.2
%
1.6
%
Asia Pacific
6.3
%
6.1
%
6.5
%
6.5
%
(0.3
)%
0.2
%
Africa/Eurasia
4.8
%
10.8
%
6.9
%
6.9
%
3.9
%
(6.0
)%
Total CP Products
1.3
%
6.8
%
3.7
%
3.7
%
3.1
%
(5.5
)%
Hill’s
6.3
%
6.5
%
3.6
%
3.6
%
2.8
%
(0.1
)%
Emerging Markets(2)
1.0
%
11.1
%
4.6
%
4.6
%
6.5
%
(10.1
)%
Developed Markets
3.6
%
3.2
%
3.0
%
3.0
%
0.2
%
0.4
%
Notes: Table may not sum due to
rounding.
(1) The Company has recast its historical
geographic segment information to conform to the reporting
structure effective as of July 1, 2024.
(2) Emerging Markets include Latin
America, Asia (excluding Japan), Africa/Eurasia and Central
Europe.
Table 7
Colgate-Palmolive
Company
Geographic Sales Analysis
Percentage Changes
For the Nine Months Ended
September 30, 2024 vs. 2023
(Unaudited)
COMPONENTS OF SALES
CHANGE
Pricing
Coupons
Sales
Consumer &
Change
Organic
As Reported
Organic
Trade
Foreign
Region
As
Reported
Sales
Change
Volume
Volume
Incentives
Exchange
Total Company
4.5
%
8.5
%
3.3
%
3.3
%
5.2
%
(4.0
)%
North America(1)
1.1
%
1.1
%
2.8
%
2.8
%
(1.7
)%
(0.1
)%
Latin America
6.6
%
19.4
%
5.0
%
5.0
%
14.5
%
(12.8
)%
Europe(1)
8.6
%
7.4
%
4.9
%
4.9
%
2.5
%
1.3
%
Asia Pacific
2.4
%
4.1
%
2.2
%
2.2
%
2.0
%
(1.8
)%
Africa/Eurasia
0.7
%
14.5
%
6.4
%
6.4
%
8.2
%
(13.8
)%
Total CP Products
4.3
%
9.3
%
4.0
%
4.0
%
5.3
%
(5.0
)%
Hill’s
5.2
%
5.6
%
0.7
%
0.7
%
4.9
%
(0.4
)%
Emerging Markets(2)
4.8
%
13.8
%
4.1
%
4.1
%
9.7
%
(9.0
)%
Developed Markets
4.2
%
4.2
%
2.6
%
2.6
%
1.6
%
—
%
Notes: Table may not sum due to
rounding.
(1) The Company has recast its historical
geographic segment information to conform to the reporting
structure effective as of July 1, 2024.
(2) Emerging Markets include Latin
America, Asia (excluding Japan), Africa/Eurasia and Central
Europe.
Table 8
Colgate-Palmolive
Company
Non-GAAP
Reconciliations
For the Three Months Ended
September 30, 2024 and 2023
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
Gross Profit
2024
2023
Gross profit, GAAP
$
3,074
$
2,877
2022 Global Productivity Initiative
9
1
Gross profit, non-GAAP
$
3,083
$
2,878
Basis Point
Gross Profit Margin
2024
2023
Change
Gross profit margin, GAAP
61.1
%
58.5
%
260
2022 Global Productivity Initiative
0.2
%
0.1
%
Gross profit margin, non-GAAP
61.3
%
58.6
%
270
Selling, General and Administrative
Expenses
2024
2023
Selling, general and administrative
expenses, GAAP
$
1,979
$
1,822
2022 Global Productivity Initiative
(3
)
—
Selling, general and administrative
expenses, non-GAAP
$
1,976
$
1,822
Other (Income) Expense, Net
2024
2023
Other (income) expense, net, GAAP
$
30
$
26
2022 Global Productivity Initiative
(3
)
(1
)
Other (income) expense, net, non-GAAP
$
27
$
25
Operating Profit
2024
2023
% Change
Operating profit, GAAP
$
1,065
$
1,029
4
%
2022 Global Productivity Initiative
15
2
Operating profit, non-GAAP
$
1,080
$
1,031
5
%
Basis Point
Operating Profit Margin
2024
2023
Change
Operating profit margin, GAAP
21.2
%
20.9
%
30
2022 Global Productivity Initiative
0.3
%
0.1
%
Operating profit margin, non-GAAP
21.5
%
21.0
%
50
Table 8
Continued
Colgate-Palmolive
Company
Non-GAAP
Reconciliations
For the Three Months Ended
September 30, 2024 and 2023
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
2024
Income Before Income
Taxes
Provision For Income
Taxes(1)
Net Income
Including Noncontrolling Interests
Less: Income Attributable to
Noncontrolling Interests
Net Income Attributable
To Colgate- Palmolive Company
Effective Income Tax
Rate(2)
Diluted Earnings Per
Share
As Reported GAAP
$
986
$
210
$
776
$
39
$
737
21.3
%
$
0.90
2022 Global Productivity Initiative
15
2
13
—
13
(0.1
)%
0.01
Non-GAAP
$
1,001
$
212
$
789
$
39
$
750
21.2
%
$
0.91
2023
Income Before Income
Taxes
Provision For Income
Taxes(1)
Net Income
Including Noncontrolling Interests
Less: Income Attributable to
Noncontrolling Interests
Net Income Attributable
To Colgate- Palmolive Company
Effective Income Tax
Rate(2)
Diluted Earnings Per
Share
As Reported GAAP
$
956
$
209
$
747
$
39
$
708
21.9
%
$
0.86
2022 Global Productivity Initiative
2
—
2
—
2
(0.1
)%
—
Non-GAAP
$
958
$
209
$
749
$
39
$
710
21.8
%
$
0.86
Notes: The impact of non-GAAP adjustments
may not necessarily equal the difference between “GAAP” and
“non-GAAP” as a result of rounding.
(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.
Table 9
Colgate-Palmolive
Company
Non-GAAP
Reconciliations
For the Nine Months Ended
September 30, 2024 and 2023
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
Gross Profit
2024
2023
Gross profit, GAAP
$
9,179
$
8,376
2022 Global Productivity Initiative
19
1
Gross profit, non-GAAP
$
9,198
$
8,377
Gross Profit Margin
2024
2023
Change
Gross profit margin, GAAP
60.6
%
57.7
%
290
2022 Global Productivity Initiative
0.1
%
—
%
Gross profit margin, non-GAAP
60.7
%
57.7
%
300
Selling, General and Administrative
Expenses
2024
2023
Selling, general and administrative
expenses, GAAP
$
5,833
$
5,348
2022 Global Productivity Initiative
(4
)
(2
)
Selling, general and administrative
expenses, non-GAAP
$
5,829
$
5,346
Other (Income) Expense, Net
2024
2023
Other (income) expense, net, GAAP
$
141
$
116
2022 Global Productivity Initiative
(54
)
(22
)
Product recall costs
—
(25
)
Other (income) expense, net, non-GAAP
$
87
$
69
Operating Profit
2024
2023
% Change
Operating profit, GAAP
$
3,205
$
2,912
10
%
2022 Global Productivity Initiative
77
25
Product recall costs
—
25
Operating profit, non-GAAP
$
3,282
$
2,962
11
%
Basis Point
Operating Profit Margin
2024
2023
Change
Operating profit margin, GAAP
21.1
%
20.1
%
100
2022 Global Productivity Initiative
0.6
%
0.1
%
Product recall costs
—
%
0.2
%
Operating profit margin, non-GAAP
21.7
%
20.4
%
130
Non-Service Related Postretirement
Costs
2024
2023
Non-service related postretirement costs,
GAAP
$
67
$
338
ERISA litigation matter
—
(267
)
2022 Global Productivity Initiative
—
(4
)
Non-service related postretirement costs,
non-GAAP
$
67
$
67
Table 9
Continued
Colgate-Palmolive
Company
Non-GAAP
Reconciliations
For the Nine Months Ended
September 30, 2024 and 2023
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
2024
Income Before Income
Taxes
Provision For Income
Taxes(1)
Net Income
Including Noncontrolling Interests
Less: Income Attributable to
Noncontrolling Interests
Net Income Attributable
To
Colgate- Palmolive
Company
Effective Income Tax
Rate(2)
Diluted Earnings Per
Share
As Reported GAAP
$
2,963
$
693
$
2,270
$
120
$
2,150
23.4
%
$
2.61
2022 Global Productivity Initiative
77
10
67
—
67
(0.3
)%
0.08
Non-GAAP
$
3,040
$
703
$
2,337
$
120
$
2,217
23.1
%
$
2.69
2023
Income Before Income
Taxes
Provision For Income
Taxes(1)
Net Income
Including Noncontrolling Interests
Less: Income Attributable to
Noncontrolling Interests
Net Income Attributable
To
Colgate- Palmolive
Company
Effective Income Tax
Rate(2)
Diluted Earnings Per
Share
As Reported GAAP
$
2,404
$
709
$
1,695
$
113
$
1,582
29.5
%
$
1.90
ERISA litigation matter
267
55
212
—
212
(0.9
)%
0.26
Foreign tax matter
—
(126
)
126
—
126
(4.7
)%
0.15
2022 Global Productivity Initiative
29
5
24
1
23
(0.1
)%
0.03
Product recall costs
25
6
19
—
19
—
%
0.02
Non-GAAP
$
2,725
$
649
$
2,076
$
114
$
1,962
23.8
%
$
2.36
Notes: The impact of non-GAAP adjustments
may not necessarily equal the difference between “GAAP” and
“non-GAAP” as a result of rounding.
(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
adjustments on Income before income taxes and Provision for income
taxes.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241025832799/en/
Investor Relations: investor_relations@colpal.com
Communications: colgate_palmolive_media_inquiry@colpal.com
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