Colgate-Palmolive (CL-US) shares fell premarket on Friday (27th), although its latest earnings report showed the company’s profit and revenue beat consensus estimates.
The consumer goods company earned $0.77 a share in the fourth quarter, beating analysts’ forecast of $0.76, while revenue of $4.63 billion beat the consensus estimate of $4.57 billion.
However, its EPS fell 3% from a year earlier; on a GAAP basis, its EPS fell 94% to $0.01 due to goodwill and intangible Asset impairment charges.
Net sales rose 5 percent last quarter, while organic sales rose 8.5 percent year-over-year. For the full year, net sales rose 3 percent and organic sales rose 7 percent.
Shares of the company fell 3.6% in premarket trading on Friday.
Colgate-Palmolive said growth remains strong in 2022 despite a difficult macroeconomic environment.
Noel Wallace, Colgate’s chairman, president and CEO, said, “By implementing our revenue growth management and productivity plans, we will continue to fund additional investments in innovation, advertising and digital transformation, which will Help drive broad-based growth and improve market share performance.”
Looking forward, the company expects net sales growth in the range of 2% to 5%, which includes a gain from the acquisition of the pet food business and a low-single-digit loss from foreign exchange. Organic sales growth is expected to be near the high end of its long-term target range of 3% to 5%.