Colgate-Palmolive (NYSE: CL) reported Q1 EPS of $0.80, $0.01 better than the analyst estimate of $0.79. Revenue for the quarter came in at $4.34 billion versus the consensus estimate of $4.25 billion.

• Net sales increased 6.0%, Organic sales* increased 5.0%
• On a GAAP basis, EPS declined 4% to $0.80; On a Base Business basis, EPS* grew 7% to $0.80
• GAAP Gross profit margin increased 50 basis points to 60.7%; Base Business Gross profit margin* increased 40 basis points to 60.7%
• Net cash provided by operations was $598 million year to date
• Colgate’s leadership in toothpaste continued with its global market share at 39.2% year to date
• Colgate’s leadership in manual toothbrushes continued with its global market share at 30.6% year to date
• The Company reiterated its financial guidance for full year 2021

“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.

“We continue to plan for increased advertising behind our brands and have an exciting pipeline of innovation planned for the balance of the year across all of our product categories.

“Looking ahead, we are seeing volatility in consumer demand and currencies as well as further increases in raw material prices and logistics costs, but remain confident that our investment choices and growth strategies will help us manage through these challenges and emerge even stronger.”

Full Year 2021 Guidance

Based on current spot rates:

• The Company expects net sales to be up 4% to 7% including a low-single-digit benefit from foreign exchange.
• The Company expects organic sales to be up within its long-term targeted range of 3% to 5%.
• On a GAAP basis, the Company expects gross margin expansion, increased advertising investment and low to mid-single-digit earnings-per-share growth.
• On a non-GAAP (Base Business) basis, the Company expects gross margin expansion, increased advertising investment and mid to high-single-digit earnings-per-share growth.

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