Profit in the second quarter
US consumer products maker Colgate-Palmolive Co (NYSE:CL). net income rose 10.7% to $703 million in the second quarter of 2021 from $635 million in the same period a year earlier. Earnings per share rose 12% to $0.83 from $0.74 per share, the company said in a press release.
Adjusted earnings rose 8% to $0.80 per share, in line with the average forecast of analysts surveyed by FactSet.
Colgate-Palmolive's quarterly revenue rose 9.5% to $4.260 billion from $3.897 billion a year earlier, slightly above the consensus forecast of $4.25 billion, with organic growth of 5%.
In North America, which accounts for 21% of the company's sales, revenues fell by 4%. Other regions recorded revenue growth, including Latin America (21% of sales) up 12.5%, Europe (17% of sales) up 15%, Asia Pacific (16% of sales) up 7.5%, and Africa and Eurasia (6% of sales) up 15.5%.
Revenue of Hill's pet food division increased by 18%. This business accounts for 16% of the company's sales.
Colgate-Palmolive chief executive Noel Wallace said the company expects a continued challenging cost environment in the second half of the year and remains focused on implementing initiatives to drive revenue growth.
The company forecasts revenues in 2021 to be up 4-7% year-on-year, with organic growth of 3-5%.
Colgate-Palmolive's share price was little changed in pre-market trading on Friday. The company's market value has risen 8.2% in the past twelve months and now stands at $70.4bn. The Standard Poor's 500 stock index has added 36.1% in that period.
