Colgate-Palmolive Company (NYSE:CL) Q1 2024 Earnings Conference Call April 26, 2024 8:30 AM ET

Company Participants

Noel Wallace - President, Chief Executive Officer
Stan Sutula - Chief Financial Officer
John Faucher - Chief Investor Relations Officer

Conference Call Participants

Steve Powers - Deutsche Bank
Robert Ottenstein - Evercore ISI
Peter Grom - UBS
Filippo Falorni - Citi
Andrea Teixeira - JP Morgan
Bonnie Herzog - Goldman Sachs
Olivia Tong - Raymond James
Chris Carey - Wells Fargo
Lauren Lieberman - Barclays
Bryan Spillane - Bank of America
Mark Astrachan - Stifel
Brett Cooper - Consumer Edge Research
Alejandro Zamacona - HSBC

Operator

Good morning and welcome to today’s Colgate-Palmolive first quarter 2024 earnings conference call.

This call is being recorded and is being simulcast live at www.colgatepalmolive.com.

Now for opening remarks, I’d like to turn this call over to Chief Investor Relations Officer and Executive Vice President, M&A, John Faucher.

John Faucher

Thanks Betsy. Good morning and welcome to our first quarter 2024 earnings release conference call. This is John Faucher.

Today’s conference call will include forward-looking statements. Actual results could differ materially from these statements. Please refer to the first quarter 2024 earnings press release and related prepared materials, and our most recent filings with the SEC including our first quarter 2024 quarterly report on Form 10-Q and subsequent SEC filings, all available on Colgate’s website for a discussion of the factors that could cause actual results to differ materially from these statements.

This conference call will also include a discussion of non-GAAP financial measures, including those identified in tables 3, 5 and 6 of the earnings press release. A full reconciliation to the corresponding GAAP financial measures is included in the first quarter 2024 earnings press release and is available on Colgate’s website.

Joining me on the call this morning are Noel Wallace, Chairman, President and Chief Executive Officer, and Stan Sutula, Chief Financial Officer. Noel will provide you with some thoughts on our Q1 results and our 2024 outlook, and we will then open it up for Q&A.

Noel?

Noel Wallace

Thanks John, and hey, good morning everyone, and thanks for joining us to discuss our strong start to 2024. I would like to make two points today on why we think we are well positioned to continue to drive shareholder value through delivering consistent compounded earnings per share growth.

The first is the importance of balanced top line growth. You’ve heard me speak over the past several years of our focus on delivering balanced organic sales growth: growth in all of our categories, growth in all of our divisions, and growth in both volume and pricing. That’s we did this quarter - we delivered organic sales growth in all four of our categories, all six of our divisions, and volume and pricing growth on a total company basis. The balance allowed us to deliver on a base business 6% net sales growth on top of 6.5% net sales growth in Q1 2023, despite a nearly 4% headwind from foreign exchange.