07.26.24
The Colgate-Palmolive Company reported its financial results for the second quarter of 2024.
Noel Wallace, Chairman, President and CEO, commented,
“We are very pleased to have delivered another quarter of strong top and bottom line results. Net sales increased 4.9% and organic sales grew 9.0% (on top of 8.2% organic sales growth in the year ago quarter) driven by a healthy balance of accelerated volume growth and higher pricing.”
The company’s net sales increased by 4.9% to $5,058 million in Q2. Net cash provided by operations was $1,671 million for the first six months of 2024.
Wallace added,
“This is our fourth consecutive quarter delivering gross margin expansion and double-digit growth in operating profit, net income and earnings per share. This combination of sales growth and operating leverage allowed us to continue to invest for the long-term health of our business, with an 18% increase in advertising in the quarter. The strong levels of investment should continue in the balance of the year as we focus on building brand health and scaling the capabilities needed to drive growth in both the short and long term.”
Colgate-Palmolive expects net sales growth of 2% to 5% including a mid-single-digit negative impact from foreign exchange.
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