- Colgate-Palmolive (NYSE:CL) reports organic sales rose 5.0% in Q1 to top the consensus mark of +2.8%.
- Organic sales by segment: North America -1.5%, Latin America +9.5%, Europe -2.0%, Asia Pacific +11.0%, Africa/Eurasia +13.0%, Pet Nutrition +7.0%.
- Adjusted gross margin improved 40 bps Y/Y to 60.7% and topped the consensus mark of 60.6%. Adjusted operating margin was 23.1% of sales to match the consensus expectation.
- CEO update: "Our growth momentum continued in the first quarter, with net sales increasing 6.0% and organic sales growing 5.0%, even as we lapped significant pantry loading that occurred at the onset of the pandemic. We delivered positive pricing in every division, which helped us drive growth in operating profit, net income and earnings per share in the quarter on a base business basis. “The strong results reflect the impact of our increased investments in premium innovation, digital transformation and advertising. We continue to strengthen our capabilities in these areas and, while there is more to do, we are pleased with the progress we are making."
- Colgate-Palmolive reaffirmed its prior guidance.
- Shares of CL are up 1.45% premarket after the company's narrow Q1 earnings beat.