RTTNews | Oct 29, 2021 07:27AM EDT

07:26 Friday, October 29, 2021 (RTTNews.com) - Colgate-Palmolive Company (CL) said its net income and earnings per share both increased, on a base business basis, for the third quarter despite significant increases in raw material and logistics costs. Base business gross profit margin was down 180 basis points to 59.4%. Net sales increased 6.5% and organic sales were up 4.5% driven by both volume growth and higher pricing, the company said.

For full year 2021, on a base business basis, the company expects a decline in gross profit margin, increased advertising investment and earnings-per-share growth at the lower end of its mid to high-single-digit range. On a GAAP basis, the company expects a decline in gross profit margin, increased advertising investment and earnings-per-share growth at the lower end of its low to mid-single-digit range.

For 2021, the company projects organic sales to be up within its long-term targeted range of 3% to 5%. Net sales is projected to be up 4% to 7% for the full year.

Third-quarter base business net profit to company increased to $689 million from $685 million, last year. Base business profit per share was $0.81 compared to $0.79, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.79, for the quarter. Analysts' estimates typically exclude special items. Net profit to company was $634 million or $0.75 per share compared to $698 million or $0.81 per share. Sales increased to $4.41 billion from $4.15 billion, a year ago. Analysts on average had estimated $4.4 billion in revenue.

Read the original article on RTTNews ( https://www.rttnews.com/3237319/colgate-palmolive-q3-profit-tops-estimates-confirms-guidance.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved