Colgate-Palmolive net sales top estimates despite "volatile" operating backdrop

Investing.com - Colgate-Palmolive net sales rose by 4.6% in the third quarter to $5.37 billion, compared to Bloomberg consensus estimates of $5.34 billion.

Diluted earnings per share gained 3% to $0.94. Bloomberg consensus estimates had called for adjusted EPS of $0.93.

Citing confidence in revenue growth despite a "continued volatile macroeconomic backdrop," the toothpaste-maker also narrowed its guidance for annual net sales growth to 4% to 5%, from 2% to 6% previously. Adjusted earnings per share growth is now seen at 5% to 7%, versus mid-single-digit growth previously.

“We remain focused on executing our 2030 strategy, with an emphasis on driving premium, science-based innovation, and we continue to invest behind our brands globally supported by another double-digit increase in advertising this quarter," said CEO Noel Wallace.

Shares of the group rose by more than 3% in premarket U.S. trading.

(This is a developing story. Please check back later for updates.)

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