Colgate-Palmolive reported its fourth-quarter and full-year 2024 results, highlighting strong organic sales growth and improved profitability.

For the full year, net sales exceeded $20 billion for the first time, increasing by 3.3%, while organic sales grew by 7.4%. GAAP earnings per share (EPS) rose by 27% to $3.51, and base business EPS increased by 11% to $3.60. The company generated $4.1 billion in operating cash flow, up 10% from 2023, and returned $3.4 billion to shareholders through dividends and share repurchases.

In the fourth quarter, net sales remained flat at $4.94 billion, while organic sales grew by 4.3%. GAAP EPS increased by 3% to $0.90, and base business EPS rose by 5% to $0.91. Gross profit margins improved by 70 basis points to 60.3%. Colgate maintained its global market leadership in toothpaste, with a 41.4% share, and in manual toothbrushes, with a 32.2% share.

By region, Latin America saw a 7.2% decline in net sales but recorded a 9.2% increase in organic sales. Europe and Asia Pacific achieved net sales growth of 4.9% and 3.7%, respectively. North America saw a 1% decrease in net sales but a 0.7% decline in organic sales. The Hill’s Pet Nutrition segment posted a 2.3% increase in net sales and a 2.9% increase in organic sales.

Looking ahead to 2025, the company expects flat net sales due to a mid-single-digit negative impact from foreign exchange. Organic sales growth is forecasted within the long-term target range of 3-5%, factoring in the planned exit from private label pet nutrition. On both a GAAP and non-GAAP basis, Colgate expects gross profit margin expansion and low to mid-single-digit EPS growth.

CEO Noel Wallace emphasized Colgate's ability to deliver peer-leading growth while continuing to invest in brand health, innovation, and digital transformation. The company increased advertising spending by 15% in 2024, following a 19% increase in 2023, reinforcing its commitment to long-term growth.

Colgate will hold a conference call today at 8:30 a.m. ET to discuss the results.