Colgate-Palmolive Co. CL, +0.42% reported fourth-quarter net income of $148 million, or 18 cents per share, down from $647 million, or 75 cents per share, last year. Adjusted EPS of 79 cents was in line with the FactSet consensus. Sales of $4.403 billion were down from $4.324 billion last year and just missed the FactSet consensus of $4.417 billion. ” With costs expected to remain elevated in 2022, our funding the growth and revenue growth management initiatives, including higher pricing, will be more important than ever,” said Colgate Chief Executive Noel Wallace in a statement. Colgate took a $518 million charge in the fourth quarter “to adjust the carrying values of goodwill and a trade name intangible asset related to the Filorga skin health business,” the company said. And Colgate has announced the 2022 Global Productivity Initiative, which is expected to results in pre-tax charges of $200 million to $240 million and annualized pre-tax savings of $90 million to $110 million. For the full-year, Colgate is guiding for sales growth of 1% to 4%. The FactSet consensus is for sales of $17.944 billion, suggesting 3% growth. Colgate stock slipped 0.4% in Friday premarket trading, but is up 4.5% over the last year. The S&P 500 index SPX, +2.43% is up 14.2% over the last 12 months.
