Colgate-Palmolive (NYSE:CL) has released its third quarter results for 2023, demonstrating a robust performance with net sales growth of 10.5% and a 9% increase in organic sales across five of its six divisions. The company's earnings per share (EPS), both GAAP and Base Business, rose by 16% to reach $0.86, reflecting a strong upward trend.
In addition to the impressive sales figures, Colgate-Palmolive's gross profit margin showed significant improvement. The GAAP Gross profit margin increased by 130 basis points to stand at 58.5%, while the Base Business Gross profit margin climbed by 140 basis points to reach 58.6%. These gains were made despite the negative impact from private label sales due to recent acquisitions in the pet food business.
CEO Noel Wallace emphasized the company's sequential volume improvement, operating profit increase, net income growth, EPS growth, and free cash flow increase during this period. He also noted that Colgate-Palmolive maintained a global market share of 41% in toothpaste and 31.5% in manual toothbrushes.
The company's strong performance resulted in generating $2,609 million in net cash from operations. Following these positive results, Colgate-Palmolive has upgraded its financial guidance for the remainder of 2023.
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