Colgate-Palmolive Company reported a net sales increase of 3.3% for the fiscal year 2024, reaching $20.1 billion, compared to $19.5 billion in 2023. The growth was driven by a 3.1% increase in volume and a 4.4% rise in net selling prices, although this was partially offset by a 4.1% negative impact from foreign exchange fluctuations. The company's organic sales, which exclude the effects of foreign exchange, acquisitions, and divestments, rose by 7.4%. The Oral, Personal and Home Care segment generated $15.6 billion in sales, up 3.0% from the previous year, while Hill’s Pet Nutrition sales increased by 4.5% to $4.5 billion.
In terms of profitability, Colgate-Palmolive's operating profit rose by 7% to $4.3 billion, with an operating profit margin of 21.2%, up from 20.5% in 2023. The gross profit margin improved to 60.5%, reflecting cost savings from the company's funding-the-growth initiatives and higher pricing, despite increased raw material costs. Net income attributable to the company was $2.9 billion, or $3.51 per diluted share, marking an increase from $2.3 billion, or $2.77 per share, in 2023.
Strategically, Colgate-Palmolive has focused on enhancing its product offerings and market presence. The company has realigned its reporting structure, particularly for its skin health business, which is now included in the North America segment. This change is expected to streamline operations and improve performance tracking. Additionally, the company has continued to invest in sustainability initiatives, including the introduction of recyclable toothpaste tubes, with 75% of its toothpaste SKUs globally transitioned to this format by the end of 2024.
Operationally, Colgate-Palmolive's workforce comprised approximately 34,000 employees across over 100 countries, with a significant portion of its revenue generated from international markets. The company reported a market share of 41.4% in the global toothpaste market and 32.2% in the manual toothbrush market for 2024. The company anticipates ongoing challenges in the global economic landscape, including inflation and geopolitical tensions, which may impact consumer demand and operational costs. Looking ahead, Colgate-Palmolive aims to leverage its strong financial position and strategic initiatives to navigate these challenges and continue delivering value to shareholders.
About COLGATE PALMOLIVE CO
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