Colgate-Palmolive Co. announced on Friday that its net sales in the fourth fiscal period of 2023 grew 7% annually to $4.9 billion, slightly above projections. Net income soared from $5 million in the fourth quarter of 2022 to $718 million, while diluted earnings per share (EPS) surged from $0.01 in Q4 2022 to $0.87. For the full year 2023, the company said its net sales were up 8.5% year-on-year to $19.5 billion, with the net income rising by 27.8% to $2.3 billion and the diluted EPS jumping 30% to $2.77.
Colgate said it expects net sales growth to be 1% to 4% in 2024, as well as gross profit margin expansion, increased advertising investment and double-digit earnings-per-share growth.
Colgate's shares grew by 0.34% in premarket trade.
