Colgate Palmolive (CL) posted its second-quarter report on Friday. The renowned toothpaste, toothbrush, and shaving cream maker raised its full-year forecast. Sales of high-end and everyday-use products remained higher than expected and resilient despite a slower economy.

The company is increasing investments to build brand health and increase productivity to meet more substantial demands. The company’s shares rose by 3.35 percent mid-afternoon.

According to data from LSEG, Wall Street analysts have estimated an adjusted profit of 87 cents per share, while Colgate-Palmolive reported an adjusted earnings per share of 91 cents. They also estimated net sales to be $5.01, but the company beat this estimate and posted net sales of $5.06 billion.

Colgate Palmolive raised its product prices to offset increased raw and packaging materials prices. However, sales also rose, and so did its gross profit margins, which increased by 280 basis points to 60.6 percent in the second quarter.

The consumer goods company has increased its annual profit growth. It now expects organic sales growth between 8 percent and 11 percent, up from its previous expectation of 5 percent to 7 percent.

Colgate Palmolive also raises its outlook for the year, expected to range from 8 to 11 percent. Earlier, the company had projected an annual profit of mid-to-high single digits.

The toothpaste, toothbrush, shaving cream, and other consumer goods maker announced its 2Q 2024 Earnings Press Release on July 26.

Noel Wallace, Chairman, President, and Chief Executive Officer, said, “We are very pleased to have delivered another quarter of strong top and bottom results” and more. It was the company’s fourth consecutive quarter with solid results.

CWEB reports that Colgate Palmolive has reported good results and sees future growth in the company. It recommends buying its stock.

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