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Colgate Reports Strong Fourth Quarter
2008-01-31 | 08:57
Colgate-Palmolive Company reported a rise in worldwide sales and unit volume growth together with higher than expected earnings growth for fourth quarter 2007.
Colgate-Palmolive Company reported a rise in worldwide sales and unit volume growth together with higher than expected earnings growth for fourth quarter 2007.
Worldwide sales grew 13.5% to $3.6 billion and unit volume grew 5.0%, as reported. Excluding divestments, worldwide sales and unit volume grew 14.0% and 5.5%, respectively. Global pricing increased 2.0% and foreign exchange added 6.5%.
According to the company, the very strong top-line growth was supported by a 14% increase in worldwide advertising spending. Fourth quarter 2007 results include $75.8 million of after-tax charges related to the 2004 Restructuring Program.
In other news, Colgate’s Board of Directors authorized a new 30
million share repurchase program. The company plans to repurchase the shares of common stock over the next two years. The shares may be repurchased in open-market or privately negotiated transactions. As of Dec. 31, 2007, the company had approximately 509 million shares of common stock outstanding.
million share repurchase program. The company plans to repurchase the shares of common stock over the next two years. The shares may be repurchased in open-market or privately negotiated transactions. As of Dec. 31, 2007, the company had approximately 509 million shares of common stock outstanding.
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