ColgatePalmolive Company (CL) Q2 2024 Earnings Report

Colgate-Palmolive reported solid Q2 2024 results, with revenue of $5.058 billion, up 4.9% year over year and flat sequentially. The quarter featured meaningful margin expansion as volume re-accelerated across key brands, underpinning operating income of $1.159 billion (+18.9% YoY) and net income of $731 million (+45.6% YoY). Management framed the print as evidence of a successful transition to a volume-led growth model supported by investments in marketing, innovation, and capabilities across all six divisions and four product categories. The company continues to deploy data- and AI-enabled tools to optimize the ROI of higher marketing spend and to sustain balanced top-line growth through pricing where necessary. Notably, Hill’s Pet Nutrition delivered a meaningful margin inflection as leverage from higher volumes and the absence of excessive inflation aided profitability, while LatAm and Europe demonstrated robust performance through mix of volume gains and selective pricing actions. Colgate reiterated a disciplined capital-allocation stance, including a $480 million share repurchase in the quarter and a $473 million dividend payout, funded by $990 million of operating cash flow and $873 million of free cash flow.