Colgate-Palmolive (NYSE:CL) stock was on a wild ride Friday following the release of its earnings report for the second quarter of 2018.
During the second quarter of the year, Colgate-Palmolive reported earnings per share of 77 cents. This is an increase over the company’s earnings per share of 72 cents from the same period of the year prior. However, it wasn’t great news for CL stock by only matching Wall Street’s earnings per share estimate for the quarter.
Net income reported by Colgate-Palmolive for the second quarter of 2018 came in at $637 million. The company’s net income from the second quarter of the previous year was $524 million.
Colgate-Palmolive also reported operating income of $946 million for the second quarter of the year. This is better than the company’s operating income of $878 million that was reported during the same time last year.
Colgate-Palmolive’s earnings report for the second quarter of 2018 also includes revenue of $3.89 billion. This is up from its revenue of $3.83 billion that was reported in the second quarter of 2017. Despite the increase, the company’s revenue was responsible for dragging down CL stock today by coming in below analysts’ estimate of $3.91 billion for the quarter.
The weaker-than-expected revenue from Colgate-Palmolive for the second quarter of the year is likely due to sales in Latin America. Sales during the quarter were down 7% from the same time in 2017. Latin America made up 24% of the company’s revenue for the quarter.
CL stock started off down 1% today, but is now up slightly as of noon Friday. The stock is also down 10% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.