Colgate-Palmolive Company announced its performance for the first quarter of 2024 today, with net sales increasing by 6.2% to $5.065 billion in the first three months, and organic sales growing by 9.8%.
Colgate maintained its leading position in the toothpaste market, holding a global market share of 41.3% year to date. Similarly, Colgate remained a leader in manual toothbrushes, with a global market share of 31.7% year to date.
Colgate also updated its full-year 2024 guidance, raising the projected range for net sales growth from the previous 1% to 4% to 2% to 5%, and increasing the forecast for organic sales growth from the previous 3% to 5% to 5% to 7%.
In terms of regional performance, Latin America maintains its position as Colgate’s largest market. In the first quarter of 2024, net sales in Latin America reached $1.253 billion, marking a 16% year-over-year increase and a 25.9% organic growth. North America follows as the second-largest market, with net sales of $997 million in the first three months of this year, reflecting a 4% year-over-year increase and 4% organic growth. The Asia-Pacific region stands as the third-largest market, with first-quarter net sales of $727 million, representing a 1.5% year-over-year decrease.
Noel Wallace, Chairman, President, and Chief Executive Officer, commented on the Base Business first quarter results, “We are very pleased to have started 2024 with another quarter of strong top and bottom line performance as we continued to execute our strategy successfully. Net sales increased 6.2% and organic sales grew 9.8%, with organic sales growth in every division and across all categories. We are particularly pleased to have delivered double-digit growth in operating profit, net income, and earnings per share for the third consecutive quarter while still investing for the long-term health of our business.
