07.28.11
Net sales rose 9.5% to $4.2 million for the second quarter 2011 at Colgate-Palmolive Company. Global unit volume grew 3.0%, pricing increased 0.5% and foreign exchange was positive 6.0%.
Net income increased 3% to $622 million, while operating profit increased 2% to $968 million in second quarter 2011.
As previously announced, as part of its strategy to focus on its higher-margin oral care, personal care and pet nutrition businesses, on June 20, 2011 Colgate completed the purchase of the Sanex personal care brand from Unilever PLC for €672 million ($960 million). Sanex is a premium-priced personal care brand with a distinct positioning around healthy skin and strong market share positions in Europe.
Also as previously announced, in connection with the Sanex acquisition, Colgate agreed to sell its laundry detergent brands in Colombia to Unilever for approximately $215 million resulting in an aftertax gain of approximately $130 million. The detergent sale recently received regulatory approval and is expected to close on or about July 29, 2011. The company now expects that this gain will be fully offset in the second half of 2011 as a result of the implementation of various business realignment and other cost-saving initiatives, further driving improvements in effectiveness and efficiency globally.
Ian Cook, chairman, president and chief executive officer, commented, “We are pleased with our solid top and bottom line growth this quarter with worldwide net sales, operating profit, net income and diluted earnings per share all increasing versus year ago, despite very sharp increases in material costs, an intense competitive environment globally and challenging macroeconomic conditions, particularly in developed markets.
“Colgate’s global market shares in toothpaste and manual toothbrushes are both at record highs year to date. Colgate’s share of the global toothpaste market strengthened to 44.6% year to date.”
Net income increased 3% to $622 million, while operating profit increased 2% to $968 million in second quarter 2011.
As previously announced, as part of its strategy to focus on its higher-margin oral care, personal care and pet nutrition businesses, on June 20, 2011 Colgate completed the purchase of the Sanex personal care brand from Unilever PLC for €672 million ($960 million). Sanex is a premium-priced personal care brand with a distinct positioning around healthy skin and strong market share positions in Europe.
Also as previously announced, in connection with the Sanex acquisition, Colgate agreed to sell its laundry detergent brands in Colombia to Unilever for approximately $215 million resulting in an aftertax gain of approximately $130 million. The detergent sale recently received regulatory approval and is expected to close on or about July 29, 2011. The company now expects that this gain will be fully offset in the second half of 2011 as a result of the implementation of various business realignment and other cost-saving initiatives, further driving improvements in effectiveness and efficiency globally.
Ian Cook, chairman, president and chief executive officer, commented, “We are pleased with our solid top and bottom line growth this quarter with worldwide net sales, operating profit, net income and diluted earnings per share all increasing versus year ago, despite very sharp increases in material costs, an intense competitive environment globally and challenging macroeconomic conditions, particularly in developed markets.
“Colgate’s global market shares in toothpaste and manual toothbrushes are both at record highs year to date. Colgate’s share of the global toothpaste market strengthened to 44.6% year to date.”