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Organic sales grew 9.0% driven by a healthy balance of accelerated volume growth and higher pricing.
Net sales for Colgate-Palmolive increased 4.9% in Q2 2024.
Organic sales grew 9.0% on top of 8.2% organic sales growth in the year-ago quarter driven by a healthy balance of accelerated volume growth in the year-ago quarter, per Colgate CEO, Chairman and President Noel Wallace.
Net cash provided by operations was $1.6 billion for the first six months of 2024.
“We are very pleased to have delivered another quarter of strong top and bottom-line results,” said Wallace. “We are particularly pleased that every operating division delivered positive volume growth in the quarter, as we look to increase brand penetration to drive category growth.
This is the company’s fourth consecutive quarter delivering gross margin expansion and double-digit growth in operating profit, net income and earnings per share. The combination of sales growth and operating leverage allowed the company to continue to invest for the long-term health of the business, with an 18% increase in advertising in the quarter. The strong levels of investment are anticipated to continue this year, as it focuses on building brand health and scaling the capabilities needed to drive growth in both the short and long term, officials said.
Based on current spot rates, the company expects net sales growth of 2% to 5% including a mid-single-digit negative impact from foreign exchange.
The company is raising its organic sales growth guidance to 6% to 8%, versus 5% to 7% previously.
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