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Colgate-Palmolive stock gains after profit, sales top expectations

Shares of Colgate-Palmolive Co.
CL,
+1.33%

edged up 0.2% in premarket trading Friday, after the oral, person and home care and pet nutrition company reported first-quarter profit and sales that topped expectations and provided an in-line full-year outlook. Net income fell to $681 million, or 80 cents a share, from $715 million, or 83 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of 79 cents. Sales grew 6.0% to $4.34 billion, beating the FactSet consensus of $4.27 billion, as North America was the only region that showed a sales decline, of 0.5%. “Looking ahead, we are seeing volatility in consumer demand and currencies as well as further increases in raw material prices and logistics costs, but remain confident that our investment choices and growth strategies will help us manage through these challenges and emerge even stronger,” said Chief Executive Noel Wallace. The company expects 2021 sales to be up 4% to 7%, while the FactSet sales consensus of $17.41 billion implies 5.7% growth. The stock has lost 6.7% year to date through Thursday, while the S&P 500
SPX,
+0.68%

has gained 12.1%.

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