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Colgate-Palmolive Co CL

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Colgate Boasts Impressive 2Q Gains, but Headwinds Could Prompt Some Decay; Shares a Touch Rich

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

Despite solid sales (up 5.5% on an organic basis, reflecting a 2% bump from volumes and 3.5% from higher prices and favorable mix) and profit growth (adjusted gross margins expanded 120 basis points to 60.8%) coming out of Colgate’s second-quarter earnings release, the market was more interested in its reluctance to reinstate forward guidance, with shares barely budging on the print. However, we think investors would be better served by assessing its underlying performance, as opposed to putting outsize weight behind its external forecasting ability (or lack thereof).

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Company Profile

Business Description

Since its founding in 1806, Colgate-Palmolive has grown to become a leading global consumer product company. In addition to its namesake oral care line, the firm manufactures shampoos, shower gels, deodorants, and home care products that are sold in over 200 countries around the world (international sales account for about 70% of its consolidated total, including approximately 50% from emerging regions). It also owns specialty pet food maker Hill's, which sells its products through veterinarians and specialty pet retailers.

300 Park Avenue
New York, NY, 10022-7499
T +1 212 310-2000
Sector Consumer Defensive
Industry Household & Personal Products
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 34,300