Colgate-Palmolive 2Q profit up on strength abroad
NEW YORK (AP) — Colgate-Palmolive's second-quarter net income climbed 3 percent thanks to higher pricing, strong sales overseas and a growing market share for its toothpaste and toothbrushes.
Like other consumer product companies, Colgate-Palmolive Co. has hiked prices this year to offset the rising cost of commodities. Gross profit margin still fell, however, pressured by higher material costs. Gross profit margin was 57.4 percent, down 140 basis points.
The New York company, which sells everything from Murphy Oil Soap to Colgate toothpaste, earned $622 million, or $1.26 per share, in the quarter compared with $603 million, or $1.17 per share, a year earlier.
Revenue for the three months ended June 30 increased 10 percent to $4.19 billion from $3.81 billion.
Analysts expected earnings of $1.25 per share on revenue of $4.16 billion.