Colgate-Palmolive (NYSE:CL) reported positive quarterly earnings results early in the day today as its profit topped expectations, while revenue was also slightly ahead of the mark, propelling CL stock forward.
The New York City-based products consumer business announced that for its first quarter of fiscal 2019, it amassed net income of $560 million, or 65 cents per share. This figure marked a 11.7% decline when compared to its profit of $634 million, or 72 cents per share, from the same period in its fiscal 2018.
Colgate-Palmolive added that for the period, it brought in adjusted earnings of 67 cents per share, about a penny stronger than the Wall Street consensus estimate, according to a FactSet survey of analysts. Revenue was down 3% year-over-year to $3.884 billion, slightly ahead of analysts’ projection of $3.862 billion, per FactSet.
The company’s gross profit margins fell 58.9% to 60.2%, while its global unit volume gained 1% due in part to a 2% increase in pricing. Colgate-Palmolive’s global toothpaste market share was at 41.7% year-to-date.
“As we look ahead, based on current spot rates, we continue to expect 2019 net sales to be flat to up low-single-digits, with organic sales growth of 2% to 4% as we continue to plan for increased investment behind our brands, higher pricing and strong innovation, led by the relaunches of Colgate Total and Hill’s Science Diet and our continued focus on naturals,” CEO Noel Wallace.
CL stock is up roughly 3.8% on Friday off the heels of the company’s strong first-quarter performance.