Earnings Call Excerpt
Colgate-Palmolive Company (CL)
Q1 2006 Earnings Conference Call
April 26th 2006, 10:30 AM.
Executives:
Bina Thompson, VP, IR, Colgate-Palmolive
Reuben Mark, Chairman and CEO, Colgate-Palmolive
Ian Cook, President and COO, Colgate-Palmolive
Javier Teruel, Vice Chairman
Steve Patrick, Chief Financial Officer
Dennis Hickey, Corporate Controller
Edward Filusch, VP & Corporate Treasurer
Analysts:
John Faucher, JP Morgan
Javier Escalante, Morgan Stanley
Amy Chasen, Goldman Sachs
April Scee, Banc of America Securities
Wendy Nicholson, Citigroup
Bill Chappell, SunTrust Robinson Humphrey
Christopher Ferrara, Merrill Lynch
Lauren Lieberman, Lehman Brothers
Linda Bolton Weiser, Oppenheimer
Alice Longley, Buckingham Research
Alec Patterson, RCM
Constance Maneaty, Prudential Equity Group
Bill Schmitz, Deutsche Bank
Joe Altobello, CIBC World Markets
Daniel Chris, Federated Investors
Sandhya Beebee with HSBC
Elena Mills, Atlantic Equities
Mary Ann Dzuback, Private Investor
Presentation
Operator
Good day, and welcome to today's Colgate-Palmolive Company First Quarter 2006 Earnings Conference Call. Today's call is being recorded and is being simulcast live at www.colgate.com. Just a reminder, there will be a slight delay before the question-and-answer session begins due to the web simulcast. At this time for opening remarks and introduction, I would like to turn the conference over to Vice President of Investor Relations, Ms. Bina Thompson. Please go ahead.
Bina Thompson, Vice President, Investor Relations
Thanks Sara. Good morning, everybody, and welcome to our First Quarter 2006 Earnings Conference Call. With me this morning are Reuben Mark, Chairman and CEO; Ian Cook, President and Chief Operating Officer; Javier Teruel, Vice Chairman; Steve Patrick, CFO; Dennis Hickey, Corporate Controller; and Ed Filusch, Treasurer.
Our remarks this morning will refer to our first quarter results and ongoing expectations excluding restructuring charges, 46.8 million after-tax in the first quarter and incremental charges related to stock compensation due to the implementation this quarter of FASB 123(R), 12.1 million after-tax in the first quarter. These items are included in the as reported numbers contained in this morning's press release and accompanying financial statements. The reported GAAP results with reconciliation to the results excluding these items are included in the press release and posted on the Investor Relations page of our website at http://www.colgate.com/.
We're delighted to report what we think is a very strong quarter, one which set first quarter records on virtually every line of the P&L, sales, gross profit margins, advertising levels, operating profits and earnings per share. Unit volume was strong across all our operating units and particularly impressive on a worldwide basis when compared with the really excellent volume quarter a year ago. This healthy sales growth coupled with a strong gross margin increase and a tight control on fixed expenses has allowed us to continue to invest behind our brands globally while still delivering double-digit operating profit and EPS growth.
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