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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Colgate Palmolive Co | NYSE:CL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.66 | -0.72% | 90.55 | 90.845 | 90.51 | 90.75 | 169,129 | 14:30:52 |
From Jan 2024 to Jan 2025
Colgate-Palmolive Company (NYSE:CL):
Second Quarter Total Company Results (GAAP)
($ in millions except per share amounts)
2024
2023
Change
Net Sales
$5,058
$4,822
+4.9%
EPS (diluted)
$0.89
$0.60
+48%
Second Quarter Total Company Results (Base Business - Non-GAAP)*
2024
2023
Change
Organic Sales Growth
+9.0%
Base Business EPS (diluted)
$0.91
$0.77
+18%
*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 second quarter 2024. Noel Wallace, Chairman, President and Chief Executive Officer, commented on the Base Business second quarter results, “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. We are particularly pleased that every operating division delivered positive volume growth in the quarter, as we look to increase brand penetration to drive category growth.
“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.
“Our strong results this quarter and in the first half of the year add to our confidence that we are executing the right strategies to deliver on our increased 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:
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.
Second Quarter Sales Growth By Division
(% change 2Q 2024 vs. 2Q 2023 except % of Total Company Sales)
% of Total Company Sales
Net Sales
Organic Sales*
As Reported Volume
Organic Volume
Pricing
FX
North America
20%
+2.5%
+2.5%
+5.9%
+5.9%
-3.3%
-0.1%
Latin America
25%
+7.6%
+18.8%
+5.5%
+5.5%
+13.3%
-11.2%
Europe
14%
+6.2%
+6.5%
+5.2%
+5.2%
+1.3%
-0.2%
Asia Pacific
14%
+2.6%
+5.1%
+3.4%
+3.4%
+1.7%
-2.5%
Africa/Eurasia
5%
+2.2%
+16.4%
+8.4%
+8.4%
+8.0%
-14.3%
Hill’s
22%
+5.5%
+6.1%
+2.5%
+2.5%
+3.7%
-0.7%
Total Company
100%
+4.9%
+9.0%
+4.7%
+4.7%
+4.2%
-4.1%
Note: Table may not sum due to rounding.
*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.
Second Quarter Operating Profit By Division
($ in millions)
2Q 2024
% Change vs 2Q 2023
% to Net Sales
Change in basis points vs 2Q 2023 % to Net Sales
North America
$223
-2%
22.3%
-90
Latin America
$417
15%
32.9%
+210
Europe
$159
19%
22.1%
+230
Asia Pacific
$195
16%
28.7%
+320
Africa/Eurasia
$64
4%
23.4%
+30
Hill’s
$235
23%
21.1%
+300
Total Company, As Reported
$1,092
12%
21.6%
+140
Total Company, Base Business*
$1,118
13%
22.1%
+150
*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 second 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 second 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 war in Ukraine, the impact of the Israel-Hamas war, 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:
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 six months ended June 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 six months ended June 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 six months ended June 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 second quarter results.)
Table 1
Colgate-Palmolive Company
Condensed Consolidated Statements of Income
For the Three Months Ended June 30, 2024 and 2023
(Dollars in Millions Except Per Share Amounts) (Unaudited)
2024
2023
Net sales
$
5,058
$
4,822
Cost of sales
1,992
2,035
Gross profit
3,066
2,787
Gross profit margin
60.6
%
57.8
%
Selling, general and administrative expenses
1,939
1,768
Other (income) expense, net
35
45
Operating profit
1,092
974
Operating profit margin
21.6
%
20.2
%
Non-service related postretirement costs
22
29
Interest (income) expense, net
60
58
Income before income taxes
1,010
887
Provision for income taxes
243
353
Effective tax rate
24.1
%
39.8
%
Net income including noncontrolling interests
767
534
Less: Net income attributable to noncontrolling interests
36
32
Net income attributable to Colgate-Palmolive Company
$
731
$
502
Earnings per common share
Basic
$
0.89
$
0.61
Diluted
$
0.89
$
0.60
Supplemental Income Statement Information
Average common shares outstanding
Basic
819.7
829.4
Diluted
823.7
831.3
Advertising
$
706
$
601
Table 2
Colgate-Palmolive Company
Condensed Consolidated Statements of Income
For the Six Months Ended June 30, 2024 and 2023
(Dollars in Millions Except Per Share Amounts) (Unaudited)
2024
2023
Net sales
$
10,124
$
9,592
Cost of sales
4,019
4,093
Gross profit
6,105
5,499
Gross profit margin
60.3
%
57.3
%
Selling, general and administrative expenses
3,855
3,526
Other (income) expense, net
111
90
Operating profit
2,139
1,883
Operating profit margin
21.1
%
19.6
%
Non-service related postretirement costs
44
323
Interest (income) expense, net
118
112
Income before income taxes
1,977
1,448
Provision for income taxes
482
500
Effective tax rate
24.4
%
34.5
%
Net income including noncontrolling interests
1,495
948
Less: Net income attributable to noncontrolling interests
81
74
Net income attributable to Colgate-Palmolive Company
$
1,414
$
874
Earnings per common share
Basic(1)
$
1.72
$
1.05
Diluted(1)
$
1.71
$
1.05
Supplemental Income Statement Information
Average common shares outstanding
Basic
821.3
830.4
Diluted
824.9
832.1
Advertising
$
1,378
$
1,180
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 June 30, 2024, December 31, 2023 and June 30, 2023
(Dollars in Millions) (Unaudited)
June 30,
December 31,
June 30,
2024
2023
2023
Cash and cash equivalents
$
1,110
$
966
$
819
Receivables, net
1,825
1,586
1,656
Inventories
1,922
1,934
2,039
Other current assets
789
793
923
Property, plant and equipment, net
4,392
4,582
4,431
Goodwill
3,320
3,410
3,373
Other intangible assets, net
1,814
1,887
1,901
Other assets
1,308
1,235
1,085
Total assets
$
16,480
$
16,393
$
16,227
Total debt
$
8,676
$
8,549
$
8,989
Other current liabilities
4,820
4,411
4,597
Other non-current liabilities
2,502
2,476
2,326
Total liabilities
15,998
15,436
15,912
Total Colgate-Palmolive Company shareholders’ equity
123
609
(64
)
Noncontrolling interests
359
348
379
Total liabilities and equity
$
16,480
$
16,393
$
16,227
Supplemental Balance Sheet Information
Debt less cash, cash equivalents and marketable securities(1)
$
7,341
$
7,404
$
7,903
Working capital % of sales
(2.5
)%
(1.4
)%
(1.3
)%
Note:
(1) Marketable securities of $225, $179 and $267 as of June 30, 2024, December 31, 2023 and June 30, 2023, respectively, are included in Other current assets.
Table 4
Colgate-Palmolive Company
Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2024 and 2023
(Dollars in Millions) (Unaudited)
2024
2023
Operating Activities
Net income including noncontrolling interests
$
1,495
$
948
Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operations:
Depreciation and amortization
307
273
ERISA litigation matter
—
267
Restructuring and termination benefits, net of cash
48
(8
)
Stock-based compensation expense
43
37
Deferred income taxes
(92
)
(156
)
Cash effects of changes in:
Receivables
(309
)
(112
)
Inventories
(17
)
54
Accounts payable and other accruals
194
153
Other non-current assets and liabilities
2
1
Net cash provided by (used in) operations
1,671
1,457
Investing Activities
Capital expenditures
(243
)
(347
)
Purchases of marketable securities and investments
(243
)
(225
)
Proceeds from sale of marketable securities and investments
178
146
Other investing activities
4
(12
)
Net cash provided by (used in) investing activities
(304
)
(438
)
Financing Activities
Short-term borrowing (repayment) less than 90 days, net
736
(415
)
Principal payments on debt
(500
)
(903
)
Proceeds from issuance of debt
2
1,497
Dividends paid
(867
)
(847
)
Purchases of treasury shares
(989
)
(551
)
Proceeds from exercise of stock options
455
259
Other financing activities
(43
)
5
Net cash provided by (used in) financing activities
(1,206
)
(955
)
Effect of exchange rate changes on Cash and cash equivalents
(17
)
(20
)
Net increase (decrease) in Cash and cash equivalents
144
44
Cash and cash equivalents at beginning of the period
966
775
Cash and cash equivalents at end of the period
$
1,110
$
819
Supplemental Cash Flow Information
Free cash flow before dividends (Net cash provided by operations less Capital expenditures)
Net cash provided by operations
$
1,671
$
1,457
Less: Capital expenditures
(243
)
(347
)
Free cash flow before dividends
$
1,428
$
1,110
Income taxes paid
$
505
$
450
Interest paid
$
161
$
129
Table 5
Colgate-Palmolive Company
Segment Information
For the Three and Six Months Ended June 30, 2024 and 2023
(Dollars in Millions) (Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Net Sales
Oral, Personal and Home Care
North America
$
1,002
$
978
$
1,999
$
1,936
Latin America
1,267
1,178
2,520
2,253
Europe
720
678
1,432
1,328
Asia Pacific
682
664
1,408
1,402
Africa/Eurasia
273
268
549
556
Total Oral, Personal and Home Care
3,944
3,766
7,908
7,475
Pet Nutrition
1,114
1,056
2,216
2,117
Total Net Sales
$
5,058
$
4,822
$
10,124
$
9,592
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Operating Profit
Oral, Personal and Home Care
North America
$
223
$
227
$
445
$
420
Latin America
417
363
822
678
Europe
159
134
303
250
Asia Pacific
195
169
402
371
Africa/Eurasia
64
62
130
130
Total Oral, Personal and Home Care
1,058
955
2,102
1,849
Pet Nutrition
235
191
433
374
Corporate(1)
(201
)
(172
)
(397
)
(340
)
Total Operating Profit
$
1,092
$
974
$
2,139
$
1,883
Note: Table may not sum due to rounding.
(1) 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 June 30, 2024 and June 30, 2023 included charges resulting from the 2022 Global Productivity Initiative of $27 and $18, respectively.
Corporate Operating profit (loss) for the six months ended June 30, 2024 included charges resulting from the 2022 Global Productivity Initiative of $63.
Corporate Operating profit (loss) for the six months ended June 30, 2023 included product recall costs of $25 and charges resulting from the 2022 Global Productivity Initiative of $23.
Table 6
Colgate-Palmolive Company
Geographic Sales Analysis Percentage Changes
For the Three Months Ended June 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
4.9
%
9.0
%
4.7
%
4.7
%
4.2
%
(4.1
)%
North America
2.5
%
2.5
%
5.9
%
5.9
%
(3.3
)%
(0.1
)%
Latin America
7.6
%
18.8
%
5.5
%
5.5
%
13.3
%
(11.2
)%
Europe
6.2
%
6.5
%
5.2
%
5.2
%
1.3
%
(0.2
)%
Asia Pacific
2.6
%
5.1
%
3.4
%
3.4
%
1.7
%
(2.5
)%
Africa/Eurasia
2.2
%
16.4
%
8.4
%
8.4
%
8.0
%
(14.3
)%
Total CP Products
4.7
%
9.8
%
5.4
%
5.4
%
4.4
%
(5.0
)%
Hill’s
5.5
%
6.1
%
2.5
%
2.5
%
3.7
%
(0.7
)%
Emerging Markets(1)
5.9
%
14.6
%
5.6
%
5.6
%
9.0
%
(8.6
)%
Developed Markets
4.0
%
4.5
%
4.0
%
4.0
%
0.4
%
(0.4
)%
Note: Table may not sum due to rounding.
(1) 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 Six Months Ended June 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
5.5
%
9.4
%
3.0
%
3.0
%
6.3
%
(3.8
)%
North America
3.2
%
3.3
%
4.4
%
4.4
%
(1.1
)%
—
%
Latin America
11.8
%
22.2
%
5.8
%
5.8
%
16.4
%
(10.4
)%
Europe
7.8
%
6.8
%
4.2
%
4.2
%
2.7
%
1.0
%
Asia Pacific
0.4
%
3.2
%
0.1
%
0.1
%
3.1
%
(2.7
)%
Africa/Eurasia
(1.3
)%
16.3
%
6.1
%
6.1
%
10.2
%
(17.6
)%
Total CP Products
5.8
%
10.6
%
4.1
%
4.1
%
6.5
%
(4.8
)%
Hill’s
4.7
%
5.2
%
(0.7
)%
(0.7
)%
5.9
%
(0.5
)%
Emerging Markets(1)
6.7
%
15.1
%
3.9
%
3.9
%
11.3
%
(8.4
)%
Developed Markets
4.6
%
4.7
%
2.3
%
2.3
%
2.3
%
(0.1
)%
Note: Table may not sum due to rounding.
(1) 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 June 30, 2024 and 2023
(Dollars in Millions Except Per Share Amounts) (Unaudited)
Gross Profit
2024
2023
Gross profit, GAAP
$
3,066
$
2,787
2022 Global Productivity Initiative
9
—
Gross profit, non-GAAP
$
3,075
$
2,787
Basis Point
Gross Profit Margin
2024
2023
Change
Gross profit margin, GAAP
60.6
%
57.8
%
280
2022 Global Productivity Initiative
0.2
%
—
%
Gross profit margin, non-GAAP
60.8
%
57.8
%
300
Selling, General and Administrative Expenses
2024
2023
Selling, general and administrative expenses, GAAP
$
1,939
$
1,768
2022 Global Productivity Initiative
(2
)
(2
)
Selling, general and administrative expenses, non-GAAP
$
1,937
$
1,766
Basis Point
Selling, General and Administrative Expenses as a Percentage of Net Sales
2024
2023
Change
Selling, general and administrative expenses as a percentage of Net sales, GAAP
38.3
%
36.7
%
160
2022 Global Productivity Initiative
—
%
(0.1
)%
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP
38.3
%
36.6
%
170
Other (Income) Expense, Net
2024
2023
Other (income) expense, net, GAAP
$
35
$
45
2022 Global Productivity Initiative
(16
)
(16
)
Other (income) expense, net, non-GAAP
$
20
$
29
Operating Profit
2024
2023
% Change
Operating profit, GAAP
$
1,092
$
974
12
%
2022 Global Productivity Initiative
27
18
Operating profit, non-GAAP
$
1,118
$
992
13
%
Basis Point
Operating Profit Margin
2024
2023
Change
Operating profit margin, GAAP
21.6
%
20.2
%
140
2022 Global Productivity Initiative
0.5
%
0.4
%
Operating profit margin, non-GAAP
22.1
%
20.6
%
150
Non-Service Related Postretirement Costs
2024
2023
Non-service related postretirement costs, GAAP
$
22
$
29
2022 Global Productivity Initiative
—
(3
)
Non-service related postretirement costs, non-GAAP
$
22
$
26
Note: Tables may not sum due to rounding.
Table 8
Continued
Colgate-Palmolive Company
Non-GAAP Reconciliations
For the Three Months Ended June 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
$
1,010
$
243
$
767
$
36
$
731
24.1
%
$
0.89
2022 Global Productivity Initiative
27
4
23
—
23
(0.3
)%
0.02
Non-GAAP
$
1,036
$
247
$
789
$
36
$
753
23.8
%
$
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
$
887
$
353
$
534
$
32
$
502
39.8
%
$
0.60
Foreign tax matter
—
(126
)
126
—
126
(14.2
)%
0.15
2022 Global Productivity Initiative
21
4
17
1
16
(0.2
)%
0.02
Non-GAAP
$
908
$
231
$
677
$
33
$
644
25.4
%
$
0.77
Note: Tables may not sum due to rounding. 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 Six Months Ended June 30, 2024 and 2023
(Dollars in Millions Except Per Share Amounts) (Unaudited)
Gross Profit
2024
2023
Gross profit, GAAP
$
6,105
$
5,499
2022 Global Productivity Initiative
9
—
Gross profit, non-GAAP
$
6,114
$
5,499
Gross Profit Margin
2024
2023
Change
Gross profit margin, GAAP
60.3
%
57.3
%
300
2022 Global Productivity Initiative
0.1
%
—
%
Gross profit margin, non-GAAP
60.4
%
57.3
%
310
Selling, General and Administrative Expenses
2024
2023
Selling, general and administrative expenses, GAAP
$
3,855
$
3,526
2022 Global Productivity Initiative
(3
)
(2
)
Selling, general and administrative expenses, non-GAAP
$
3,852
$
3,524
Basis Point
Selling, General and Administrative Expenses as a Percentage of Net Sales
2024
2023
Change
Selling, general and administrative expenses as a percentage of Net sales, GAAP
38.1
%
36.8
%
130
2022 Global Productivity Initiative
(0.1
)%
(0.1
)%
Selling, general and administrative expenses as a percentage of Net sales, non-GAAP
38.0
%
36.7
%
130
Other (Income) Expense, Net
2024
2023
Other (income) expense, net, GAAP
$
111
$
90
2022 Global Productivity Initiative
(51
)
(21
)
Product recall costs
—
(25
)
Other (income) expense, net, non-GAAP
$
60
$
44
Operating Profit
2024
2023
% Change
Operating profit, GAAP
$
2,139
$
1,883
14
%
2022 Global Productivity Initiative
63
23
Product recall costs
—
25
Operating profit, non-GAAP
$
2,202
$
1,931
14
%
Basis Point
Operating Profit Margin
2024
2023
Change
Operating profit margin, GAAP
21.1
%
19.6
%
150
2022 Global Productivity Initiative
0.7
%
0.2
%
Product recall costs
—
%
0.3
%
Operating profit margin, non-GAAP
21.8
%
20.1
%
170
Non-Service Related Postretirement Costs
2024
2023
Non-service related postretirement costs, GAAP
$
44
$
323
ERISA litigation matter
—
(267
)
2022 Global Productivity Initiative
—
(4
)
Non-service related postretirement costs, non-GAAP
$
44
$
52
Table 9
Continued
Colgate-Palmolive Company
Non-GAAP Reconciliations
For the Six Months Ended June 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
$
1,977
$
482
$
1,495
$
81
$
1,414
24.4
%
$
1.71
2022 Global Productivity Initiative
63
10
53
—
53
(0.3
)%
0.07
Non-GAAP
$
2,040
$
492
$
1,548
$
81
$
1,467
24.1
%
$
1.78
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
$
1,448
$
500
$
948
$
74
$
874
34.5
%
$
1.05
ERISA litigation matter
267
55
212
—
212
(2.2
)%
0.25
Foreign tax matter
—
(126
)
126
—
126
(7.3
)%
0.15
2022 Global Productivity Initiative
27
5
22
1
21
(0.1
)%
0.03
Product recall costs
25
6
19
—
19
—
%
0.02
Non-GAAP
$
1,767
$
440
$
1,327
$
75
$
1,252
24.9
%
$
1.50
Note: 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/20240726925697/en/
Investor Relations: investor_relations@colpal.com Communications: colgate_palmolive_media_inquiry@colpal.com
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