NEW YORK — Colgate-Palmolive today reported that North America net sales increased 2.5% during the first quarter.
The company noted that new product launches in the United States contributed to volume growth. Market share gains year to date were seen in manual toothbrushes, mouthwash, dish liquids, liquid cleaners and fabric conditioners. In toothpaste, Colgate Optic White, Colgate Optic White Dual Action, Colgate Optic White Platinum Whiten and Protect, Colgate Total Advanced Clean and Tom’s of Maine toothpastes had strong sales during the quarter, the company stated.
In manual toothbrushes, its U.S. market share reaching a record 41.9% year to date, up 4.5 share points versus the year ago period. This success was driven by strong sales of Colgate 360° Optic White Toothbrush + Built-In Whitening Pen, Colgate 360° Optic White, Colgate 360° Total Advanced Floss Tip bristles and Colgate Slim Soft manual toothbrushes, the company stated.
Worldwide net sales for the quarter totaled $4.33 million in first quarter 2014, even with first quarter 2013.
Net income and diluted earnings per share in first quarter 2014 were $388 million and 42 cents, respectively. Net income in first quarter 2014 included an after-tax charge of $174 million related to the re-measurement of the Venezuelan balance sheet as a result of several changes to Venezuela’s foreign exchange system enacted by the Venezuelan government during the first quarter of 2014. Net income in first quarter 2014 also included $74 million of after-tax charges resulting from the implementation of the previously disclosed four-year 2012 Restructuring Program and costs associated with the sale of land in Mexico.
Net income and diluted earnings per share in first quarter 2013 were $460 million and 48 cents, respectively. Net income in first quarter 2013 included after-tax charges of $166 million.
“We expect our growth momentum to continue as we progress through the year. Our 2012 Restructuring Program is on track and proceeding smoothly. We also continue to be sharply focused on our aggressive funding-the-growth programs and our strategic worldwide pricing initiatives,” said Ian Cook, chairman, president and CEO.
Cook added, “Looking forward, we anticipate another year of strong organic sales growth and gross margin expansion in 2014, and expect diluted earnings per share for the year to grow 4% to 5% on a dollar basis and at a double-digit rate on a currency neutral basis.”