Fri, Jul 26, 12:33 PM (43 days ago)
Colgate-Palmolive Company's Q2 2024 financial report shows a 4.9% increase in net sales to $5,058 million, driven by a 4.7% volume growth and a 4.2% increase in net selling prices, offset by a 4.1% negative foreign exchange impact. Organic sales grew 9.0%. Gross profit rose to $3,066 million, with a margin improvement to 60.6% from 57.8% in Q2 2023. Operating profit increased by 12% to $1,092 million, with a margin of 21.6%. Net income attributable to Colgate-Palmolive surged to $731 million, up from $502 million, with diluted EPS rising to $0.89 from $0.60. The effective tax rate decreased to 24.1% from 39.8%. The company continues to face macroeconomic challenges, including inflation and foreign exchange volatility, and geopolitical tensions. Future operations will focus on driving organic sales growth, cost reductions, and investments in digital and eCommerce capabilities.