: Colgate-Palmolive Q3 earnings boosted after it raises prices again

Consumer goods giant Colgate-Palmolive Co. CL posted better-than-expected third-quarter earnings early Friday, as it again raised prices by 9.5% globally. The company posted net income of $708 million, or 86 cents a share, for the quarter, up from $618 million, or 74 cents a share, in the year-earlier period. Adjusted per-share earnings also came to 86 cents, ahead of the 80 cent FactSet consensus. Sales rose to $4.915 billion from $4.455 billion a year ago, ahead of the $4.814 billion FactSet consensus. The company said its base business gross profit margin rose 140 basis points to 58.6%, and was up 190 bps, excluding a negative 50 bps impact from private label sales stemming from the previously disclosed acquisitions of its pet food business. The company said it now expects full-year sales to grow 6% to 8%, compared with prior guidance of 5% to 8%. It expects adjusted EPS growth in the high-single digits, up from prior guidance of the high end of mid-single digits. The stock was flat premarket but is down 7% in the year to date, while the S&P 500 SPX has gained 7.8%.

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