09:22 AM EDT, 07/26/2024 (MT Newswires) -- Colgate-Palmolive ( CL ) on Friday reported stronger-than-expected second-quarter results buoyed by volume and pricing gains, prompting the consumer-products company to lift its full-year growth outlook for earnings and organic sales.

Per-share adjusted earnings came in at $0.91 for the June quarter, up from $0.77 the year before and topping the Capital IQ-polled consensus of $0.87. Sales advanced 4.9% to $5.06 billion, ahead of the Street's view for $5 billion. Pricing gained 4.2% year over year while reported volume rose 4.7%.

Oral, personal and home care sales rose to $3.94 billion from $3.77 billion in the prior-year quarter. Revenue in North America increased 2.5%, while European sales climbed 6.2%. The Hill's pet nutrition business saw revenue advance to $1.11 billion from $1.06 billion last year.

"We are particularly pleased that every operating division delivered positive volume growth in the quarter, as we look to increase brand penetration to drive category growth," Chief Executive Noel Wallace said in a statement.

Colgate-Palmolive ( CL ) now anticipates adjusted EPS to rise by 8% to 11% for 2024, compared with its prior projections for mid- to high-single-digit growth. The Street is looking for normalized EPS of $3.52.

Full-year sales are still expected to rise between 2% and 5%, including a mid-single-digit foreign-exchange headwind, according to the company. Organic sales are expected to rise by 6% to 8% for the year, up from the previous guidance for a gain of 5% to 7%. Analysts' current estimate is for $20.18 billion in reported revenue.

"Our strong results this quarter and in the first half of the year add to our confidence that we are executing the right strategies to deliver on our increased 2024 organic sales and base business earnings growth expectations, drive cash flow and generate consistent, compounded earnings per share growth," Wallace said.

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