Charles Sternberg, Assistant Editor01.29.21
Colgate-Palmolive Company has reported results for fourth quarter 2020. Net sales for the quarter increased 7.5% from $4.015 billion in 2019 to $4.324 billion in 2020. Net sales for the twelve months ended December 31, 2020 were $16.47 billion, up nearly 5% from the previous year.
Noel Wallace, chairman, president and chief executive officer, commented, “We are very pleased to end 2020 with another quarter of strong, broad-based organic sales growth. Every division grew mid-single-digit or higher, with double-digit growth in our Hill’s and Latin America businesses.
“Our choices to invest in innovation, digital transformation and advertising are helping to deliver growth across our portfolio. While several of our categories continue to benefit from higher consumer demand due to the Covid-19 pandemic, we believe we have the right strategies in place to deliver profitable growth over the longer term.
“As we enter 2021, we expect high levels of uncertainty as we lap the benefits from pantry loading and other impacts of the COVID-19 pandemic. We also expect volatility in raw material and logistics costs and foreign exchange."
Based on current spot rates, the company expects net sales for full year 2021 to be up 4% to 7% including a low-single-digit benefit from foreign exchange.
Noel Wallace, chairman, president and chief executive officer, commented, “We are very pleased to end 2020 with another quarter of strong, broad-based organic sales growth. Every division grew mid-single-digit or higher, with double-digit growth in our Hill’s and Latin America businesses.
“Our choices to invest in innovation, digital transformation and advertising are helping to deliver growth across our portfolio. While several of our categories continue to benefit from higher consumer demand due to the Covid-19 pandemic, we believe we have the right strategies in place to deliver profitable growth over the longer term.
“As we enter 2021, we expect high levels of uncertainty as we lap the benefits from pantry loading and other impacts of the COVID-19 pandemic. We also expect volatility in raw material and logistics costs and foreign exchange."
Based on current spot rates, the company expects net sales for full year 2021 to be up 4% to 7% including a low-single-digit benefit from foreign exchange.
