Shares of Colgate-Palmolive (CL) are up 2% after the consumer goods company reported better-than-expected financial results and raised its forward guidance.
The New York City-based company behind products such as Colgate toothpaste, Speed Stick deodorant, and Irish Spring soap reported earnings per share (EPS) of $0.86 U.S., which topped Wall Street estimates of $0.81 U.S.
Colgate-Palmolive announced Q1 revenue of $5.07 billion U.S., which also beat analysts’ consensus forecasts of $4.96 billion U.S.
The company attributed the earnings beat to increased prices and continued spending on the part of consumers.
In terms of guidance, the company said that it now expects revenue growth of 2% to 5% for all of this year, up from a previous forecast of 1% to 4% growth.
Before today (April 26), Colgate-Palmolive’s stock had risen 16% over the last 12 months to trade at $89.29 U.S. per share.