Colgate-Palmolive continues organic growth in third quarter of 2016

Colgate-Palmolive has announced its financial results for the third quarter of 2016, during which it achieved a global net sales total of $3.87 billion (3.17 billion pounds).

On an organic basis, sales grew by 4.5 percent year on year, when excluding the impact of foreign exchange, acquisitions, divestments and the deconsolidation of the company's Venezuelan operations. In nominal terms, sales were down by 3.5 percent.

Foreign currency headwinds and the impact of the firm's Venezuelan reorganisation were the key challenges exerting negative momentum during the quarter. Leaving these issues aside, the company expressed satisfaction with its underlying performance, with every operating division contributing to organic growth.

Its leadership of the global toothpaste market continued, allowing it to command a 44 percent share of the market for the year to date, while for manual toothbrushes this percentage stands at 33.2 percent.

Continued uncertainty in foreign exchange rates is expected to be seen for the remainder of 2016 and into next year.

Ian Cook, chairman, president and chief executive officer of Colgate-Palmolive, said: "We are planning for a year of gross margin expansion and, consistent with our long-term strategy, our goal is to return to double-digit earnings per share growth on a dollar basis [in 2017]."

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