Colgate-Palmolive Company (NYSE:CL) today reported worldwide Net sales of $4,398 million in third quarter 2013, an increase of 1.5% versus third quarter 2012. Global unit volume grew 5.0%, pricing increased 1.0% and foreign exchange was negative 4.5%. Organic sales (Net sales excluding foreign exchange, acquisitions and divestments) grew 6.0%.
Net income and Diluted earnings per share in third quarter 2013 were $656 million and $0.70, respectively. Net income in third quarter 2013 included $24 million ($0.03 per diluted share) of aftertax charges resulting from the implementation of the previously disclosed four-year Global Growth and Efficiency Program (the “2012 Restructuring Program”) and costs associated with the sale of land in Mexico.
Net income and Diluted earnings per share in third quarter 2012 were $654 million and $0.68, respectively. Net income in third quarter 2012 included aftertax charges of $7 million ($0.01 per diluted share) resulting from the items described in Table 8.
Excluding the above noted items in both periods, Net income in third quarter 2013 was $680 million, an increase of 3% versus third quarter 2012, and Diluted earnings per share in third quarter 2013 was $0.73, an increase of 6% versus third quarter 2012.Gross profit margin was 58.8% in third quarter 2013 versus 58.4% in the year ago quarter. Excluding the above noted items in both periods, Gross profit margin was 59.0% in third quarter 2013, an increase of 40 basis points versus the year ago quarter, as higher pricing and cost savings from the Company’s funding-the-growth initiatives more than offset higher raw and packaging material costs which included the impact of foreign exchange. Selling, general and administrative expenses were 35.2% of Net sales in third quarter 2013 versus 34.6% in third quarter 2012. Excluding the above noted items in both periods, Selling, general and administrative expenses increased by 40 basis points to 35.0% of Net sales in third quarter 2013, as advertising investment increased by 40 basis points and overhead expenses remained even with the year ago period, both as a percentage of Net sales. Worldwide advertising investment increased 6% versus the year ago quarter to $478 million.
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