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7/31/2020, 12:57 PM (Source: TeleTrader)
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Colgate-Palmolive's EPS climbs 9% to $0.74 in Q2

Colgate-Palmolive Company said on Friday its diluted earnings per share were at $0.74 in the second quarter of fiscal 2020, increasing 9% on an annual basis. The US-based firm reported net sales at $3.90 billion, marking a growth of 1% compared to the same period last year, while organic sales went up by 5.5% annually.

Meanwhile, the second-quarter results showed an increase of 2.6% year-over-year in Colgate-Palmolive's gross profit that landed at $2.37 billion. Operating profit climbed 6.5% in the same trimester to amount to $946 million.

"Looking ahead, we continue to expect a mid-single digit negative impact on net sales for the year from foreign exchange, based on current spot rates. Given the continued uncertainty related to the impact of the virus and government actions to stem the virus, including macroeconomic impacts, we have decided not to reinstate our financial guidance for 2020 at this time," the company's CEO Noel Wallace said in a statement.

Colgate-Palmolive gained more than 3% in premarket trade following the announcement.

Baha Breaking News (BBN) / GA