09:04 AM EDT, 10/25/2024 (MT Newswires) -- Colgate-Palmolive ( CL ) reported better-than-expected third-quarter results on Friday buoyed by pricing and volume gains, while the consumer products company lifted the lower end of its full-year earnings growth outlook range.

Per-share adjusted earnings came in at $0.91 for the September quarter, up from $0.86 the year before, topping the Capital IQ-polled consensus of $0.88. Sales rose 2.4% year over year to $5.03 billion, just ahead of the Street's view for $5.01 billion. Pricing increased 3.1% while reported volume rose 3.7%.

"We are very pleased to have delivered another quarter of strong top and bottom line results with earnings exceeding our expectations," Chief Executive Noel Wallace said in a statement. "Every operating division delivered positive volume growth for the second consecutive quarter."

Oral, personal and home care sales advanced to $3.91 billion from $3.86 billion in the prior-year quarter. Revenue declined in North America and Latin America, but rose in Europe, Asia Pacific and Africa/Eurasia. The Hill's pet nutrition business revenue rose to $1.13 billion from $1.06 billion last year.

"Advertising increased 16% in the quarter behind science-led, core and premium innovation across price tiers," according to Wallace. "We expect continued strong advertising investment through the remainder of the year as we focus on building brand health and scaling the capabilities needed to drive growth."

Colgate-Palmolive ( CL ) now anticipates adjusted EPS to rise by 10% to 11% for 2024, reflecting a higher bottom end from the previous projection for an 8% increase. The Street is looking for normalized EPS of $3.57.

Full-year sales growth is expected between 3% and 5%, including a mid-single-digit foreign-exchange headwind, compared with the prior forecast for an increase of 2% to 5%. Organic sales are now set to rise by 7% to 8% for the ongoing year versus the previous outlook of 6% to 8%. The market is currently estimating $20.09 billion in reported revenue for 2024.

"Our strong results this quarter and year to date add to our confidence that we are executing the right strategies to deliver on our updated 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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