4/29/2022, 12:59 PM (Source: TeleTrader)
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Colgate's Q1 EPS down 18% to $0.66

Colgate-Palmolive Co. announced on Friday its first-quarter earnings per share (EPS) dropped 18% on a yearly basis to $0.66. Net sales were at $4.4 billion, 1.5% more than in the same quarter of 2021, and in line with expectations, while net income decreased 18% to $559 million.

"While our growth continued on the top line, our profitability was impacted by significant increases in raw material and logistics costs worldwide, and we expect the difficult cost environment to continue for the next several quarters," CEO Noel Wallace said. The company updated its full-year 2022 guidance, with net sales growth expected to be "at the higher end of 1% to 4%," organic sales growth between 4% and 6%, a decline in gross profit margin, increased advertising investment and double-digit earnings-per-share growth.

Colgate shares dropped 3.31% in premarket trade following the earnings release.

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