Colgate-Palmolive announced robust third-quarter 2024 results, with net sales increasing 2.4% to $5,033 million compared to the prior year. Diluted GAAP earnings per share (EPS) rose 5% to $0.90, while Base Business diluted EPS grew 6% to $0.91, exceeding expectations. Organic sales saw a significant increase of 6.8%, driven by a healthy balance of volume growth and higher pricing across divisions.
The company reported a GAAP gross profit margin of 61.1%, an increase of 260 basis points, and a non-GAAP gross profit margin of 61.3%, up 270 basis points. This margin expansion was supported by effective cost control strategies and strategic pricing tactics. Advertising investment also increased by 16% during the quarter, aimed at building brand health and supporting innovation.
Based on these strong results, Colgate-Palmolive updated its full-year 2024 guidance, now expecting net sales growth of 3% to 5% and organic sales growth of 7% to 8%. While North America net sales decreased by 2.1% and Latin America net sales decreased by 3.2%, other regions like Europe, Asia Pacific, Africa/Eurasia, and Hill's Pet Nutrition all delivered positive net sales and organic sales growth, demonstrating broad-based strength.
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