Colgate-Palmolive Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016
January 29, 2016 at 05:25 pm IST
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Colgate-Palmolive Co. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net sales of $3,899 million compared to $4,221 million a year ago. Operating loss was $139 million compared to profit of $995 million a year ago. Loss before income taxes was $146 million compared to income of $991 million a year ago. Net loss attributable to the company was $458 million or $0.51 per basic and diluted share compared to income of $628 million or $0.68 per diluted share a year ago. Non-GAAP operating profit was $1,015 million compared to $1,080 million a year ago. Non-GAAP net income attributable to the company was $655 million compared to $699 million a year ago. Non-GAAP diluted earnings per common share were $0.73 compared to $0.76 a year ago.
For the year, the company reported net sales of $16,034 million compared to $17,277 million a year ago. Operating profit was $2,789 million compared to $3,557 million a year ago. Income before income taxes was $2,763 million compared to $3,533 million a year ago. Net income attributable to the company was $1,384 million compared to $2,180 million a year ago. Diluted earnings per share were $1.52 compared to $2.36 a year ago. Net cash provided by operations for full year 2015 was $2,949 million compared to $3,298 million in full year 2014, primarily due to lower operating earnings and higher payments related to income taxes and a European competition law matter. Capital expenditures were $691 million compared to $757 million a year ago. Non-GAAP operating profit was $3,988 million compared to $4,215 million a year ago. Non-GAAP net income attributable to the company was $2,556 million compared to $2,712 million a year ago. Non-GAAP diluted earnings per common share were $2.81 compared to $2.93 a year ago.
The company anticipates another year of solid organic sales growth in 2016 driven by a full new product pipeline across all categories and geographies. Based on current spot rates, the company are planning for a year of gross margin expansion, and expect a low single-digit earnings per share decline on a dollar basis, excluding charges related to the 2012 Restructuring Program. This earnings per share decline includes a $0.10 impact in 2016 resulting from the change in accounting for Venezuelan operations and reflects a double-digit increase on a currency-neutral basis, excluding Venezuela from 2016 and 2015 results.
Colgate-Palmolive Company is one of the worldwide leaders in the manufacturing and marketing of cleaning and hygiene products. The group also products and sells pet food (dogs and cats). Net sales break down by family of products as follows:
- hygiene and cleaning products (78%): oral hygiene (toothpaste, toothbrushes, mouthwashes, etc.; Colgate brand), body care (soaps, shower gels, shampoos, conditioners, deodorants, shaving products, etc.; Palmolive, Speed Stick, Softsoap, etc.), household care, and linen care (dishwashing liquids, detergents, stain removers, fabric softeners, bleach, etc.; Palmolive, Ajax, Soupline, Suavitel, etc.). Net sales are distributed geographically as follows: North America (25.9%), Latin America (30.6%), Asia-Pacific (18.3%), Europe (18.1%), Africa and Eurasia (7.1%);
- cat and dog foods (22%; Hill's): world leader.
Colgate-Palmolive Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016