Colgate-Palmolive Company (NYSE:CL):
- Net sales increased 8.5%; Organic sales* increased 10.0% with
growth in every division and in all four categories
- GAAP EPS declined 32% to $0.45; Base Business EPS* declined 1%
to $0.73
- GAAP Gross profit margin and Base Business Gross profit margin*
both decreased 160 basis points to 56.9%, including a negative 90
basis point impact from private label sales resulting from the
previously disclosed acquisitions of pet food businesses
- Net cash provided by operations was $735 million for the first
three months of 2023
- Colgate’s leadership in toothpaste continued with its global
market share at 40.2% year to date
- Colgate’s leadership in manual toothbrushes continued with its
global market share at 30.6% year to date
- The Company updated its financial guidance for full year
2023
First Quarter Total Company Results
(GAAP)
($ in millions except per share
amounts)
2023
2022
Change
Net Sales
$4,770
$4,399
+8.5%
EPS (diluted)
$0.45
$0.66
-32%
First Quarter Total Company Results
(Base Business - Non-GAAP)*
2023
2022
Change
Organic Sales Growth
+10.0%
Base Business EPS (diluted)
$0.73
$0.74
-1%
*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 5 - Geographic Sales
Analysis Percentage Changes” and “Table 6 - 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
first quarter 2023. Noel Wallace, Chairman, President and Chief
Executive Officer, commented on the Base Business first quarter
results, “Our first quarter results provide further proof that our
strategy to accelerate growth is working. We began 2023 with
positive momentum, with sequential improvement in net and organic
sales growth, gross profit margin, advertising spending, operating
profit and free cash flow. Net sales increased 8.5%, and organic
sales grew 10.0% with growth in every division and in all four of
our categories.
“Despite continued pressure from raw and packaging material
costs during the quarter, gross profit margin improved sequentially
versus fourth quarter 2022, which helped fund a 14% increase in
advertising in support of our pricing and robust innovation across
all categories. We expect to drive further gross margin improvement
in the balance of the year through continued strong pricing and the
benefits from funding-the-growth and other productivity
initiatives.
“Looking ahead, while we still see uncertainty in the global
operating environment, particularly in the back half of the year,
we feel well positioned to deliver on our increased 2023 sales and
earnings growth expectations and drive value for our
stakeholders.”
Full Year 2023 Guidance
Based on current spot rates:
- The Company now expects net sales growth to be 3% to 6%
including the benefit from our acquisitions of pet food businesses
and a low-single-digit negative impact from foreign exchange.
- The Company now expects organic sales growth to be 4% to
6%.
- On a GAAP basis, the Company still expects gross profit margin
expansion, increased advertising investment and double-digit
earnings-per-share growth.
- On a non-GAAP (Base Business) basis, the Company still expects
gross profit margin expansion and increased advertising investment
and now expects mid-single-digit earnings-per-share growth.
Divisional Performance
The following are comments about divisional performance for
first quarter 2023 versus the year ago period. See attached "Table
5 - Geographic Sales Analysis Percentage Changes" and "Table 4 -
Segment Information" for additional information on net sales and
operating profit by division.
First Quarter Sales Growth By
Division
(% change 1Q 2023 vs. 1Q 2022)
Net
Sales
Organic
Sales*
As Reported
Volume**
Organic Volume
Pricing
FX
North America
+3.5%
+4.0%
-6.5%
-6.5%
+10.5%
-0.5%
Latin America
+12.5%
+14.5%
-3.5%
-3.5%
+18.0%
-2.0%
Europe
-0.5%
+4.5%
-3.5%
-3.5%
+8.0%
-5.0%
Asia Pacific
+1.5%
+8.5%
+2.0%
+2.0%
+6.5%
-7.0%
Africa/Eurasia
+8.0%
+16.5%
-5.0%
-5.0%
+21.5%
-8.5%
Hill's
+21.5%
+14.0%
+12.0%
+2.5%
+11.5%
-2.0%
Total Company
+8.5%
+10.0%
—%
-2.0%
+12.0%
-3.5%
*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 5 -
Geographic Sales Analysis Percentage Changes” included with this
release for a reconciliation of these non-GAAP financial measures
to the related GAAP measures.
**The impact of the previously disclosed
acquisitions of pet food businesses on as reported volume was 9.5%
and 2.0% for Hill's and Total Company, respectively.
First Quarter Operating Profit By
Division
($ in millions)
1Q 2023
% Change vs 1Q 2022
% to Net Sales
Change in basis points vs 1Q 2022
% to Net Sales
North America
$193
18%
20.1%
+250
Latin America
$315
19%
29.3%
+150
Europe
$116
-23%
17.8%
-510
Asia Pacific
$202
-2%
27.4%
-100
Africa/Eurasia
$68
55%
23.6%
+710
Hill's
$183
-10%
17.2%
-620
Total Company, As Reported
$909
6%
19.1%
-40
Total Company, Base Business*
$939
2%
19.7%
-130
*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 -
Non-GAAP Reconciliations” included with this release for a
reconciliation of these non-GAAP financial measures to the related
GAAP measures.
North America (20% of Company
Sales)
- Organic sales growth in oral care and personal care was
partially offset by organic sales declines in home care, which was
impacted by the previously announced voluntary recall of certain
Fabuloso multi-purpose cleaners.
- In the United States, Colgate's share of the toothpaste market
is 34.3% year to date and its share of the manual toothbrush market
is 42.0% year to date.
- The increase in Operating profit as a percentage of Net sales
was primarily due to higher pricing, lower overhead expenses and
cost savings from the Company’s funding-the-growth initiatives,
partially offset by significantly higher raw and packaging material
costs and increased advertising investment.
Latin America (23% of Company
Sales)
- Organic sales growth was led by Mexico, Argentina, Brazil and
Colombia.
- The increase in Operating profit as a percentage of Net sales
was primarily due to higher pricing and cost savings from the
Company’s funding-the-growth initiatives, partially offset by
significantly higher raw and packaging material costs and increased
advertising investment.
Europe (14% of Company
Sales)
- Organic sales growth was led by Germany, Poland, the
Netherlands, France and the United Kingdom, partially offset by
organic sales declines in the Filorga business, primarily related
to the travel retail business and China.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs, increased advertising investment and higher
overhead expenses, partially offset by higher pricing and cost
savings from the Company’s funding-the-growth initiatives.
Asia Pacific (15% of Company
Sales)
- Organic sales growth was led by the Greater China region,
India, Australia and the Philippines.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs, partially offset by cost savings from the Company's
funding-the-growth initiatives, higher pricing, lower overhead
expenses and decreased advertising investment.
Africa/Eurasia (6% of Company
Sales)
- Organic sales growth was led by Turkiye and South Africa.
- The increase in Operating profit as a percentage of Net sales
was primarily due to higher pricing, cost savings from the
Company’s funding-the-growth initiatives, lower overhead expenses
and costs incurred in the first quarter of 2022 due to the war in
Ukraine, partially offset by significantly higher raw and packaging
material costs, which included foreign exchange transaction costs,
and increased advertising investment.
Hill's Pet Nutrition (22% of Company
Sales)
- Organic sales growth was led by the United States and
Europe.
- The decrease in Operating profit as a percentage of Net sales
was primarily due to significantly higher raw and packaging
material costs, unfavorable mix primarily due to private label
sales resulting from the previously disclosed acquisitions of pet
food businesses and increased advertising investment, partially
offset by higher pricing, lower overhead expenses and cost savings
from the Company’s funding-the-growth initiatives.
Prepared Materials and Webcast
Information
At approximately 7:00 a.m. ET today, Colgate will post its
prepared materials (in PDF format) regarding first 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 first 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,
PCA SKIN, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion,
Fabuloso, 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 more than
1.6 billion children 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 COVID-19, the impact of the war in Ukraine,
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, 2022 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:
- Base Business: Base Business refers to non-GAAP measures of
operating results that exclude certain items. Base Business
operating results exclude, as applicable, charges related to an
ERISA litigation matter, product recall costs and charges related
to the 2022 Global Productivity Initiative.
- Organic sales growth: Net sales growth excluding the impact of
foreign exchange, acquisitions and divestments.
- Free cash flow before dividends: Net cash provided by
operations less Capital expenditures.
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 months ended March 31, 2023 versus 2022 included with
this release for a comparison of Organic sales growth to Net sales
growth in accordance with GAAP.
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 three months ended March 31, 2023 and 2022
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 three months ended March 31, 2023
and 2022 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 first quarter
results.)
Table 1
Colgate-Palmolive
Company
Condensed Consolidated
Statements of Income
For the Three Months Ended
March 31, 2023 and 2022
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
2023
2022
Net sales
$
4,770
$
4,399
Cost of sales
2,058
1,827
Gross profit
2,712
2,572
Gross profit margin
56.9
%
58.5
%
Selling, general and administrative
expenses
1,758
1,641
Other (income) expense, net
45
71
Operating profit
909
860
Operating profit margin
19.1
%
19.5
%
Non-service related postretirement
costs
294
38
Interest (income) expense, net
54
27
Income before income taxes
561
795
Provision for income taxes
147
192
Effective tax rate
26.2
%
24.2
%
Net income including noncontrolling
interests
414
603
Less: Net income attributable to
noncontrolling interests
42
44
Net income attributable to
Colgate-Palmolive Company
$
372
$
559
Earnings per common share
Basic
$
0.45
$
0.67
Diluted
$
0.45
$
0.66
Supplemental Income Statement
Information
Average common shares outstanding
Basic
831.4
840.6
Diluted
833.0
843.7
Advertising
$
579
$
506
Table 2
Colgate-Palmolive
Company
Condensed Consolidated Balance
Sheets
As of March 31, 2023, December
31, 2022 and March 31, 2022
(Dollars in Millions)
(Unaudited)
March 31,
December 31,
March 31,
2023
2022
2022
Cash and cash equivalents
$
867
$
775
$
877
Receivables, net
1,590
1,504
1,532
Inventories
2,110
2,074
1,924
Other current assets
899
760
656
Property, plant and equipment, net
4,363
4,307
3,752
Goodwill
3,375
3,352
3,292
Other intangible assets, net
1,918
1,920
2,415
Other assets
1,051
1,039
1,275
Total assets
$
16,173
$
15,731
$
15,723
Total debt
$
8,907
$
8,766
$
7,607
Other current liabilities
4,404
3,979
4,547
Other non-current liabilities
2,437
2,180
2,841
Total liabilities
15,748
14,925
14,995
Total Colgate-Palmolive Company
shareholders’ equity
(6
)
401
321
Noncontrolling interests
431
405
407
Total liabilities and equity
$
16,173
$
15,731
$
15,723
Supplemental Balance Sheet
Information
Debt less cash, cash equivalents and
marketable securities(1)
$
7,764
$
7,816
$
6,672
Working capital % of sales
(0.4
)%
1.0
%
(2.8
)%
Note:
(1) Marketable securities of $276, $175
and $58 as of March 31, 2023, December 31, 2022 and March 31, 2022,
respectively, are included in Other current assets.
Table 3
Colgate-Palmolive
Company
Condensed Consolidated
Statements of Cash Flows
For the Three Months Ended
March 31, 2023 and 2022
(Dollars in Millions)
(Unaudited)
2023
2022
Operating Activities
Net income including noncontrolling
interests
$
414
$
603
Adjustments to reconcile Net income
including noncontrolling interests to Net cash provided by
operations:
Depreciation and amortization
128
138
ERISA litigation matter
267
—
Restructuring and termination benefits,
net of cash
(7
)
81
Stock-based compensation expense
14
29
Deferred income taxes
(20
)
(7
)
Cash effects of changes in:
Receivables
(57
)
(197
)
Inventories
(24
)
(215
)
Accounts payable and other accruals
(2
)
(28
)
Other non-current assets and
liabilities
22
(18
)
Net cash provided by (used in)
operations
735
386
Investing Activities
Capital expenditures
(163
)
(122
)
Purchases of marketable securities and
investments
(112
)
(36
)
Proceeds from sale of marketable
securities and investments
14
14
Other investing activities
(3
)
3
Net cash provided by (used in) investing
activities
(264
)
(141
)
Financing Activities
Short-term borrowing (repayment) less than
90 days, net
(927
)
413
Principal payments on debt
(500
)
—
Proceeds from issuance of debt
1,495
5
Dividends paid
(390
)
(378
)
Purchases of treasury shares
(180
)
(410
)
Proceeds from exercise of stock
options
122
171
Other financing activities
5
(5
)
Net cash provided by (used in) financing
activities
(375
)
(204
)
Effect of exchange rate changes on Cash
and cash equivalents
(4
)
4
Net increase (decrease) in Cash and cash
equivalents
92
45
Cash and cash equivalents at beginning of
the period
775
832
Cash and cash equivalents at end of the
period
$
867
$
877
Supplemental Cash Flow
Information
Free cash flow before dividends (Net cash
provided by operations less Capital expenditures)
Net cash provided by operations
$
735
$
386
Less: Capital expenditures
(163
)
(122
)
Free cash flow before dividends
$
572
$
264
Income taxes paid
$
171
$
155
Table 4
Colgate-Palmolive
Company
Segment Information
For the Three Months Ended
March 31, 2023 and 2022
(Dollars in Millions)
(Unaudited)
Three Months Ended March 31,
2023
2022
Net Sales
Oral, Personal and Home Care
North America
$
958
$
926
Latin America
1,075
954
Europe
650
654
Asia Pacific
738
726
Africa/Eurasia
288
267
Total Oral, Personal and Home Care
3,709
3,527
Pet Nutrition
1,061
872
Total Net Sales
$
4,770
$
4,399
Three Months Ended March 31,
2023
2022
Operating Profit
Oral, Personal and Home Care
North America
$
193
$
163
Latin America
315
265
Europe
116
150
Asia Pacific
202
206
Africa/Eurasia
68
44
Total Oral, Personal and Home Care
894
828
Pet Nutrition
183
204
Corporate(1)
(168
)
(172
)
Total Operating Profit
$
909
$
860
Note:
(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 March 31, 2023 included product recall costs of
$25 and charges resulting from the 2022 Global Productivity
Initiative of $5.
Corporate Operating profit (loss) for the
three months ended March 31, 2022 included charges resulting from
the 2022 Global Productivity Initiative of $63.
Table 5
Colgate-Palmolive
Company
Geographic Sales Analysis
Percentage Changes
For the Three Months Ended
March 31, 2023 vs. 2022
(Unaudited)
COMPONENTS OF SALES
CHANGE
Pricing
Coupons
Sales
Consumer &
Change
Organic
As Reported
Organic
Trade
Foreign
Region
As
Reported
Sales
Change
Volume(1)
Volume
Incentives
Exchange
Total Company
8.5
%
10.0
%
—
%
(2.0
)%
12.0
%
(3.5
)%
North America
3.5
%
4.0
%
(6.5
)%
(6.5
)%
10.5
%
(0.5
)%
Latin America
12.5
%
14.5
%
(3.5
)%
(3.5
)%
18.0
%
(2.0
)%
Europe
(0.5
)%
4.5
%
(3.5
)%
(3.5
)%
8.0
%
(5.0
)%
Asia Pacific
1.5
%
8.5
%
2.0
%
2.0
%
6.5
%
(7.0
)%
Africa/Eurasia
8.0
%
16.5
%
(5.0
)%
(5.0
)%
21.5
%
(8.5
)%
Total CP Products
5.0
%
9.0
%
(3.5
)%
(3.5
)%
12.5
%
(4.0
)%
Hill’s
21.5
%
14.0
%
12.0
%
2.5
%
11.5
%
(2.0
)%
Emerging Markets(2)
8.0
%
12.5
%
(2.0
)%
(2.0
)%
14.5
%
(4.5
)%
Developed Markets
8.5
%
7.5
%
1.0
%
(2.5
)%
10.0
%
(2.5
)%
Notes:
(1) The impact of the previously disclosed
acquisitions of pet food businesses on as reported volume was 2.0%,
9.5% and 3.5% for Total Company, Hill's and Developed Markets,
respectively.
(2) Emerging Markets include Latin
America, Asia (excluding Japan), Africa/Eurasia and Central
Europe.
Table 6
Colgate-Palmolive
Company
Non-GAAP
Reconciliations
For the Three Months Ended
March 31, 2023 and 2022
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
Other (Income) Expense, Net
2023
2022
Other (income) expense, net, GAAP
$
45
$
71
Product recall costs
(25
)
—
2022 Global Productivity Initiative
(5
)
(63
)
Other (income) expense, net, non-GAAP
$
15
$
8
Operating Profit
2023
2022
% Change
Operating profit, GAAP
$
909
$
860
6
%
Product recall costs
25
—
2022 Global Productivity Initiative
5
63
Operating profit, non-GAAP
$
939
$
923
2
%
Basis Point
Operating Profit Margin
2023
2022
Change
Operating profit margin, GAAP
19.1
%
19.5
%
(40
)
Product recall costs
0.5
%
—
%
2022 Global Productivity Initiative
0.1
%
1.5
%
Operating profit margin, non-GAAP
19.7
%
21.0
%
(130
)
Non-Service Related Postretirement
Costs
2023
2022
Non-service related postretirement costs,
GAAP
$
294
$
38
ERISA litigation matter
(267
)
—
2022 Global Productivity Initiative
(1
)
(19
)
Non-service related postretirement costs,
non-GAAP
$
26
$
19
Table 6
Continued
Colgate-Palmolive
Company
Non-GAAP
Reconciliations
For the Three Months Ended
March 31, 2023 and 2022
(Dollars in Millions Except
Per Share Amounts) (Unaudited)
2023
Income Before Income
Taxes
Provision For Income
Taxes(1)
Net Income
Including Noncontrolling Interests
Net Income Attributable
To Colgate- Palmolive Company
Effective Income Tax
Rate(2)
Diluted Earnings Per
Share
As Reported GAAP
$
561
$
147
$
414
$
372
26.2
%
$
0.45
ERISA litigation matter
267
55
212
212
(1.8
)%
0.25
Product recall costs
25
6
19
19
—
%
0.02
2022 Global Productivity Initiative
6
1
5
5
(0.1
)%
0.01
Non-GAAP
$
859
$
209
$
650
$
608
24.3
%
$
0.73
2022
Income Before Income
Taxes
Provision For Income
Taxes(1)
Net Income
Including Noncontrolling Interests
Net Income Attributable
To Colgate- Palmolive Company
Effective Income
Tax Rate(2)
Diluted Earnings Per
Share
As Reported GAAP
$
795
$
192
$
603
$
559
24.2
%
$
0.66
2022 Global Productivity Initiative
82
17
65
65
(0.4
)%
0.08
Non-GAAP
$
877
$
209
$
668
$
624
23.8
%
$
0.74
The impact of non-GAAP adjustments may not
necessarily equal the difference between “GAAP” and “non-GAAP” as a
result of rounding.
Notes:
(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.
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