Colgate-Palmolive beats earnings forecasts as 11% jump in pricing offsets volume decline

Shares of Colgate-Palmolive Co. (CL) rose 0.9% in premarket trading Friday after the home, personal, oral and pet care products company reported second-quarter profit and revenue that beat expectations and raised its full-year outlook, as another jump in pricing helped offset a volume decline. Net income fell to $502 million, or 60 cents a share, from $603 million, or 72 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 77 cents from 72 cents and beat the FactSet consensus of 75 cents. Sales rose 7.5% to $4.82 billion, above the FactSet consensus of $4.70 billion. Pricing increased 11.0%, after rising 12% a year ago, while volume fell 1.5% after being flat last year. For 2023, the company raised it guidance ranges for growth in EPS to the "high end" of mid-single-digits percentage range from mid-single-digits, and for growth in sales to 5% to 8% from 3% to 6%. The stock has lost 3.4% over the past three months through Thursday while the S&P 500 has gained 8.8%.

-Tomi Kilgore

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07-28-23 0711ET

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