Colgate-Palmolive Company (CL) beat expectations on the top and bottom lines with its second-quarter results Friday, sending its shares toward record highs.
The consumer products company, know for its toothpaste, deodorant, soap and other brands, posted net sales of $5.06 billion, up nearly 5% year-over-year and above the Visible Alpha consensus expectation. Earnings per share (EPS) came in at 89 cents, topping expectations of 87 cents.
Colgate-Palmolive cited a “healthy balance” of volume growth and higher prices, saying that all its operating divisions generated volume growth in the period.
The company raised its full-year projection for organic sales growth — sales not counting currency effects, acquisitions or divestments — to a range of 6% to 8%, up from 5% to 7%. Net sales are still expected to rise 2% to 5%. It also lifted its guidance for gross margins.
The stock was recently up about 4%, leaving it up more than 25% this year. The rise …