Colgate-Palmolive CEO says Q3 results exceeded expectations

Noel Wallace, Chairman, President and CEO 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.”