Colgate-Palmolive (NYSE:CL) announced net income for the third quarter of $ 523.00 million or $ 0.60 per share. The company generated net sales of $ 3.85 billion for the same period. While earnings per share dropped from the year-ago quarter, revenue fell 3 percent.
On an adjusted basis, Colgate-Palmolive Co. revealed Non-GAAP net income of 72 cents a share for the third quarter. This analysts estimate by a share while net sales fell shy of street analysts expectation by $ 42 million.
Street analysts are looking for income of $ 0.72 per share on net sales of $ 3.89 billion for the third quarter. Analysts estimates are from Thomson Reuters, excludes one time gain or loss.
Net income in third quarter 2018 included $22 million ($0.02 per diluted share) of after tax charges resulting from the Companys Global Growth and Efficiency Program and an $80 million ($0.10 per diluted share) charge to adjust the provisional charge recorded in fourth quarter 2017 related
to U.S. tax reform.
Ian Cook, Chairman and Chief Executive Officer, commented on the third quarter results, The third quarter was a challenging one with category growth rates remaining soft in many markets and unfavorable movements in foreign exchange. While the pricing environment remains difficult given competitive and retailer dynamics, we are pleased we delivered positive pricing this quarter, which partially offset higher commodity and logistics costs.
Mr. Cook continued, As we look ahead, while uncertainty in global markets and category growth worldwide remain challenging, we are maintaining our heightened focus on brand building and increased productivity while accelerating our change efforts. Based on current spot rates, for the fourth quarter we expect a low-single-digit net sales decrease due to foreign exchange and low-single-digit organic sales growth.