RTTNews | Jan 29, 2021 07:20AM EST

07:19 Friday, January 29, 2021 (RTTNews.com) - While reporting financial results for the fourth quarter on Friday, Colgate-Palmolive Co. (CL) initiated its earnings and sales growth guidance for the full-year 2021.

For fiscal 2021, the company now expects earnings per share to grow in the low to mid-single-digit percentage and adjusted earnings per share growth in the mid to high-single-digit percentage. It also projects net sales growth of 4 to 7 percent, with organic sales growth of 3 to 5 percent. On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.25 per share on sales growth of 4.1 percent to $16.96 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported net income of $647 million or $0.75 per share, compared to $643 million or $0.75 per share in the prior-quarter. Excluding items, base business earnings were $0.77 per share, compared to $0.73 per share in the year-ago quarter. Net sales for the quarter grew 7.5 percent to $4.32 billion from the same quarter last year. Organic sales grew 8.5 percent.

Analysts expected quarterly earnings of $0.76 per share on sales of $4.14 billion.

"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," said Noel Wallace, Chairman, President and CEO.

Read the original article on RTTNews ( https://www.rttnews.com/3164953/colgate-palmolive-guides-fy21-revenues-in-line-q4-results-top-view-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved