Colgate-Palmolive (CL) - Get Report shares were falling Friday 2.4% to $66.99 after the New York household-products giant beat Wall Street's third-quarter earnings expectations and just missed revenue forecasts.
Net income was $578 million, or 67 cents a share, up from $523 million, or 60 cents, in the year-earlier quarter. Excluding charges resulting from an efficiency program, the latest earnings came to 71 cents a share, beating the FactSet-derived analyst estimate of 70 cents a share.
Sales totaled $3.928 billion, barely missing Wall Street's call for $3.946 billion.
Colgate on Sept. 19 also completed the acquisition of the Laboratoires Filorga Cosmétiques skin-health business.
"We are pleased that our growth continued to accelerate this quarter, having achieved sequential improvement in organic sales growth for the fourth consecutive quarter," Noel Wallace, president and CEO said. "The strong 4.5% growth was again driven by both positive volume and higher pricing."
Wallace said the company continued to lead the global toothpaste market, with global market share at 41.2% year to date. In the U.S., Colgate's share of the toothpaste market is at 34.3% year to date.
Colgate also continued to lead the manual toothbrush market with global market share at 31.6% year to date. Colgate's U.S. market share in that category is 39.9% year to date.
"As we look ahead, based on current spot rates," Wallace said, "we continue to expect 2019 net sales to be flat to up low-single-digits, with organic sales now expected to be up between 3% and 4%, roughly in line with year-to-date growth."
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