NEW YORK CITY (dpa-AFX) - While reporting weak earnings and slightly higher sales in its third quarter, consumer goods major Colgate-Palmolive Co. (CL) on Friday updated its forecast for fiscal 2022 adjusted earnings, net sales and organic sales.
For fiscal 2022, the company raised its organic sales growth guidance to 6 percent to 7 percent from previously expected range of 5 percent to 7 percent.
Meanwhile, the company now expects net sales growth to be in the middle of the 1 percent to 4 percent range. Earlier, net sales growth was expected to be at the higher end of 1 to 4 percent.
On an adjusted basis, the company now expects a 7 percent to 8 percent earnings-per-share decline, while previous view was mid single digit adjusted earnings-per-share decline.
Further, Colgate-Palmolive continues to expect double-digit earnings-per-share growth, as well as a decline in gross profit margin and adjusted gross profit margin.
In the third quarter, net income attributable was $618 million, down from last year's $634 million. Earninsg per share dropped 1 percent to $0.74 from last year's $0.75.
Base Business earnings per share were $0.74, compared to $0.81 last year.
Analysts on average had expected the company to earn $0.73 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Net sales edged up 1 percent to $4.455 billion from last year's $4.414 billion. Organic sales grew 7 percent with growth in every division and in all four categories.
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