RTTNews | Oct 30, 2020 07:22AM EDT

07:22 Friday, October 30, 2020 (RTTNews.com) - While reporting financial results for the third quarter on Friday, Colgate-Palmolive Co. (CL) reinitiated its earnings and sales growth guidance for the full-year 2020.

In early May, the company withdrew and temporarily suspended its full-year 2020 financial guidance, due to the uncertainty surrounding the business impacts from COVID-19 and related macroeconomic volatility.

For fiscal 2020, the company now expects earnings per share to grown in the double-digit percentage and adjusted earnings per share growth of 6 to 7 percent from last year. It also projects net sales and organic sales to both be up in the mid-single digit percentage, with organic sales up at the high end of that range.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.96 per share on sales growth of 1.9 percent to $16.0 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income of $698 million or $0.81 per share, higher than $578 million or $0.67 per share in the prior-quarter. Excluding items, adjusted earnings per share were $0.79, compared to $0.71 per share in the year-ago quarter. Net sales for the quarter grew 5.5 percent to $4.15 billion from the same quarter last year. Organic sales grew 7.5 percent.

Analysts expected quarterly earnings of $0.70 per share on sales of $3.98 billion.

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