By Will Feuer
Colgate-Palmolive Co. said its profit fell in the most recent quarter as the Covid-19 pandemic continued to constrain demand for some of its products and higher costs around the world hit margins.
The consumer-products company Friday posted net income attributable to the company of $148 million for its fourth quarter, compared with $647 million a year earlier. Earnings were 18 cents a share, compared with 75 cents a share in the prior year.
The company said its drop in earnings was driven by a non-cash, after-tax charge of $518 million related to the Filorga skin health business primarily due to the impact of the Covid-19 pandemic on the duty-free, travel retail and pharmacy channels.
Adjusted earnings rose to 79 cents a share. Analysts polled by FactSet were expecting 77 cents a share.
Net sales rose to $4.4 billion from $4.32 billion, the company said. Analysts were looking for $4.42 billion.
Sales in North America fell 28% from the year prior, in part because consumer demand in certain categories that had benefited from Covid-19-related demand declined year-over-year, the company said.
The company said it also saw significantly higher raw- and packaging-material costs in every region.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
01-28-22 0731ET