Summary by Moomoo AI
Colgate-Palmolive reported robust financial results for Q2 2024, with net sales increasing 4.9% to $5.06 billion, driven by volume growth of 4.7% and pricing gains of 4.2%. Net income surged 46% to $731 million, while diluted earnings per share rose to $0.89 from $0.60 year-over-year. Organic sales growth was 9.0%, with strong performance across all segments.The Oral, Personal and Home Care segment saw 4.7% sales growth to $3.94 billion, with organic sales up 9.8%. The company maintained its strong market position with a 41.5% global toothpaste share and 32.2% manual toothbrush share. Hill's Pet Nutrition segment delivered 5.5% sales growth to $1.11 billion, with organic sales increasing 6.1%.Gross profit margin expanded by 280 basis points to 60.6%, benefiting from cost savings initiatives and higher pricing, partially offset by increased raw material costs. Operating profit rose 12% to $1.09 billion, with operating margin improving by 140 basis points to 21.6%. The company continues to invest in advertising, which increased to 14.0% of net sales from 12.5% in the prior year.
