on Friday raised its annual organic sales and profit forecasts for a third time this year, betting on price hikes and steady demand for its self-care and pet nutrition products, sending its shares up 2% in premarket trading.
Price increases helped Colgate-Palmolive boost its gross profit margins by 130 basis points to 58.5% during the quarter ended Sept. 30. "Our volume performance improved sequentially from the second quarter, despite continued strong pricing," the management said in prepared remarks.lifted its annual profit forecast for a third time, while raising the lower-end of its organic sales outlook on the back of higher product prices.
It expects full-year adjusted earnings per share growth to be in high-single digits, compared with the high end of mid-single digits it forecast earlier.