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Morningstar's Colgate-Palmolive Co Stock Analysis

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Escalating Costs Dent Colgate's 2022 Profit Potential, but Firm Has Multiple Ways to Blunt the Hit

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

The burden of inflation and supply chain bottlenecks is widely understood, but the accelerating angst Colgate-Palmolive felt in the first quarter was striking. Adjusted gross margins sank 220 basis points to 58.5%, and management sliced its full-year outlook to reflect expectations for a more than 20% increase in material and logistics costs this year. It now expects adjusted EPS to be down midsingle digits from low- to mid-single-digit growth prior. One of the primary culprits was in fats and oils, which has historically been the second-largest cost bucket behind resins; the firm is now seeing a more than 60% increase this year in those categories.

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Colgate-Palmolive Co's Company Profile

Business Description

Since its founding in 1806, Colgate-Palmolive has grown to become a leading global consumer product company. In addition to its namesake oral care line, the firm manufactures shampoos, shower gels, deodorants, and home care products that are sold in over 200 countries (international sales account for about 70% of its consolidated total, including approximately 45% from emerging regions). It also owns specialty pet food maker Hill's, which sells its products through veterinarians and specialty pet retailers.

300 Park Avenue
New York, NY, 10022-7499
T +1 212 310-2000
Sector Consumer Defensive
Industry Household & Personal Products
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Slow Growth
Employees 33,800

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