Colgate Earnings: North America a Blemish on Otherwise Solid Results; Shares Fairly Valued

Colgate's organic sales increased 2.4% in the second quarter, driven by 1.6% higher prices and 0.8% growth in volumes (1.2% excluding the private-label pet business exit). Adjusted gross margin expanded 140 basis points, to 61.5%, as pricing and efficiency savings offset inflationary headwinds.