Colgate-Palmolive stock was taking a beating on Friday following the release of its earnings report for the third quarter of 2018.
Colgate-Palmolive’s earnings report for the third quarter of the year includes revenue of $3.85 billion. This is a drop from the company’s revenue of $3.97 billion from the third quarter of 2017. It was also bad news for Colgate-Palmolive stock by coming in below Wall Street’s revenue estimate of $3.89 billion for the period.
Colgate-Palmolive notes that its net sales is several regions were responsible for its weak revenue in the third quarter. This includes net sales dropping by 13% in Latin America, 7% in Asia-Pacific and 0.5% in Europe. Latin America makes up 22% of CL’s net sales, while Asia-Pacific represents 18% and Euope is 17%.
Earnings per share reported by Colgate-Palmolive for the third quarter of 2018 came in at 72 cents. This is down from the company’s earnings per share of 73 cents from the same time last year. However, it does still match analysts’ earnings per share estimate for the quarter.
Colgate-Palmolive also reported net income of $523 million for the third quarter of the year. The consumer products company reported net income of $607 million during the third quarter of the previous year.
Colgate-Palmolive’s most recent earnings report also saw it reporting operating profit of $874 million. This is a decrease from the company’s operating profit of $957 million that was reported in the same period of the year prior.
CL stock was down 5% as of Friday afternoon and is down 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.