Colgate-Palmolive reports earnings and sales that beat expectations

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Colgate-Palmolive Co. reported third-quarter net income of $698 million, or 81 cents per share, up from $578 million, or 67 cents per share, last year. Adjusted EPS of 79 cents exceeded the FactSet consensus for 70 cents per share. Sales of $4.15 billion were up from $3.93 billion last year and ahead of the FactSet consensus for $3.99 billion. Colgate’s global market share in toothpaste reached 39.9% for the year to date, and global market share for manual toothbrushes is at 31.1% for the year to date. For full-year 2020, Colgate expects net sales and organic sales to be up mid-single digits. The FactSect consensus is for $16.02 billion, suggesting 2.1% growth. Colgate stock edged up 1% in Friday premarket trading and has gained 11.4% for the year to date. The S&P 500 index has gained 2.5% for 2020 so far.
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