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Colgate-Palmolive Backs FY22 Earnings, Net Sales View; Lifts Organic Sales Growth Forecast - Update

While reporting weak earnings and higher sales in second quarter, consumer goods major Colgate-Palmolive Co. (CL) on Friday maintained its forecast for fiscal 2022 earnings and net sales growth, while raising organic sales growth view.

For the year, the company now expects organic sales growth of 5 percent to 7 percent, compared to previous estimate of 4 percent to 6 percent.

Further, the company continues to expect double-digit earnings per share growth and mid single digit adjusted earnings-per-share decline.

Colgate-Palmolive continues to expect net sales growth at the higher end of 1 to 4 percent, now including a mid-single-digit negative impact from foreign exchange.

The company still expects a decline in gross profit margin and adjusted gross profit margin.

Noel Wallace, Chairman, President and Chief Executive Officer, said, "Our solid results this quarter, despite significant headwinds from raw materials, foreign exchange and the broader macro environment, demonstrate that our strategies are working. We will continue to deliver impactful innovation that provides value to our customers and consumers as we work to offset these headwinds and deliver sustainable, profitable growth over the long term."

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