Colgate Announces 4th Quarter and Full Year 2011 Results
Strong Sales and Volume Growth Worldwide
Net income and Diluted earnings per share in fourth quarter 2011 were
Net income and Diluted earnings per share in fourth quarter 2010 were
Excluding the above noted items in both periods, Net income in fourth quarter 2011 was
Gross profit margin was 57.4% in fourth quarter 2011, down 170 basis points versus the year ago quarter. Excluding the costs associated with the business realignment and other cost-saving initiatives noted above, gross profit margin was 57.7% in fourth quarter 2011, down 140 basis points versus the year ago quarter, reflecting continued increases in raw and packaging material costs worldwide. These increases were partially offset by higher pricing and cost savings from the Company's funding-the-growth initiatives.
Selling, general and administrative expenses were 34.6% of Net sales in fourth quarter 2011 and 2010. Excluding costs associated with the business realignment and other cost-saving initiatives noted above, Selling, general and administrative expenses were 34.5% of Net sales in fourth quarter 2011, 10 basis points lower than the year ago quarter, as overhead expenses decreased by 20 basis points and advertising increased by 10 basis points. Worldwide advertising spending increased 5% versus the year ago quarter to
Operating profit increased 2% to
Net cash provided by operations for full year 2011 and 2010 was
For the full year 2011, worldwide Net sales were
Net income and Diluted earnings per share for full year 2011 were
Net income and Diluted earnings per share for full year 2010 were
Excluding the items noted above in both periods, Net income for full year 2011 was even with full year 2010 and Diluted earnings per share increased 4%.
Gross profit margin was 57.3% for full year 2011, down 180 basis points versus full year 2010. Excluding the costs associated with the business realignment and other cost-saving initiatives noted above, gross profit margin was 57.6% in full year 2011, down 150 basis points versus full year 2010, reflecting significant increases in raw and packaging material costs worldwide. These sharp increases were partially offset by higher pricing and cost savings from the Company's funding-the-growth initiatives.
"The excellent 6% organic sales growth, which was the largest increase we have seen in six quarters, was driven by unit volume gains and higher pricing worldwide. The robust growth was led by the emerging markets where organic sales grew 12.0% in the quarter. This strong top-line momentum should continue into 2012, fueled by new products across all categories and in all geographies.
"Pleasingly, our continued sharp focus on cost-saving programs in all areas of the business enabled us to achieve full year gross profit margin at the high end of our forecasted range, while also lowering overheads as a percentage of sales.
"Colgate's global market shares in toothpaste and manual toothbrushes are both at record highs year to date. Colgate's share of the global toothpaste market strengthened to 44.3% year to date, up 0.3 share points versus year ago. Our global leadership in manual toothbrushes also strengthened during the quarter with Colgate's global market share in that category reaching 31.7% year to date, up 0.5 share points versus year ago.
"As we enter 2012, macroeconomic conditions and foreign exchange volatility are an increasing challenge. Despite that, we are planning to improve our worldwide market shares and volume growth with increased advertising support behind many new and existing Colgate products. We continue to be sharply focused on our aggressive funding-the-growth initiatives and anticipate that the benefits from those programs, combined with our strategic worldwide pricing initiatives, many of which have already been implemented, will help us achieve gross margin expansion in 2012 and grow diluted earnings per share for the year at a double-digit rate, on a currency neutral basis. If average exchange rates for full year 2012 were to equal current spot rates, currency translation would decrease full year diluted earnings per share growth by approximately 4%."
At
The following are comments about divisional performance. See attached Geographic Sales Analysis and Segment Information schedules for additional information on divisional sales and operating profit.
North
Operating profit in
In the U.S., new product launches including Colgate Optic White and Colgate Sensitive Pro-Relief toothpastes and the relaunch of Colgate Total toothpaste are strengthening Colgate's leadership in toothpaste, with its share of that market reaching 35.9% year to date, up 0.6 share points versus year ago. Colgate's strength in manual toothbrushes also continued, driven by the success of Colgate 360° Optic White, Colgate 360° Sensitive Pro-Relief and Colgate 360° Surround manual toothbrushes.
Successful new products in the U.S. in other categories include Softsoap brand Pomegranate and Mango Infusions and Softsoap brand Coconut Scrub body washes and Palmolive Soft Touch with Vitamin E dish liquid. New introductions reaching store shelves now include
Latin
Operating profit in
Colgate's strong leadership in oral care throughout
Products in other categories contributing to market share gains included Palmolive Naturals Relaxing Softness Cream and Lavender and
Operating profit in
Colgate strengthened its oral care leadership in the
Recent premium innovations contributing to strength in other product categories include Sanex Dermo Repair shower gel, Palmolive "Authentic" shower gels and liquid hand soaps containing Mediterranean inspired fragrances and ingredients, the relaunch of
Operating profit in
Colgate continued its toothpaste leadership in
Successful products contributing to growth in other categories in the region include Colgate 360° Sonic power toothbrush, Colgate Slim Soft manual toothbrush,
Hill's (13% of Company Sales)
Hill's Net sales grew 2.0% during fourth quarter 2011. Unit volume decreased 1.5%, pricing increased 3.0% and foreign exchange was positive 0.5%. Volume gains in
Hill's Operating profit increased 4% in fourth quarter 2011 to
Recent new product introductions contributing to sales in the U.S. include Science Diet Ideal Balance Canine, which combines natural ingredients with the power of advanced nutrition in one balanced package, Science Diet Savory Stew Canine, Science Diet Age Defying Feline (11 years plus), Prescription Diet y/d
New pet food products contributing to international sales include reformulated Prescription Diet r/d Canine and Feline, the relaunch of Prescription Diet c/d
***
About
The Company's annual meeting of shareholders is currently scheduled for
Substantially all market share data included in this press release is compiled from data as measured by
Explanatory Note Regarding Currency Neutral Estimates
Management's estimate of earnings per share growth in 2012 on a currency neutral basis eliminates the impact of period-over-period changes in foreign exchange rates in the translation of local currency results into U.S. dollars. Accordingly, for purposes of estimating earnings per share growth, full year 2012 estimated local currency results, which include the impact of estimated foreign currency transaction gains and losses, are translated into U.S. dollars using 2011 average foreign exchange rates.
Cautionary Statement on Forward-Looking Statements
This press release and the related webcast (other than historical information) may contain forward-looking statements. Such statements may relate, for example, to sales or unit volume growth, organic sales growth, profit or profit margin growth, earnings growth (including on a currency neutral basis), financial goals, the impact of currency devaluations or exchange controls, including in
Non-GAAP Financial Measures
The following provides information regarding the non-GAAP financial measures used in this earnings release and/or the related webcast:
To supplement Colgate's condensed income statements presented in accordance with accounting principles generally accepted in
This release discusses organic sales growth, which is Net sales growth excluding the impact of foreign exchange, acquisitions and divestments. Management believes this measure provides investors with useful supplemental information regarding the Company's underlying sales trends by presenting sales growth excluding the external factor of foreign exchange as well as the impact from acquisitions and divestments. See "Geographic Sales Analysis Percentage Changes" for the three and twelve months ended
The Company uses these financial measures internally in its budgeting process and as factors in determining compensation. While the Company believes that these financial measures are useful in evaluating the Company's business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies.
The Company defines free cash flow before dividends as net cash provided by operations less capital expenditures. As management uses this measure to evaluate the Company's ability to satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities, the Company believes that it provides useful information to investors. Free cash flow before dividends is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. Free cash flow before dividends is not a GAAP measurement and may not be comparable to similarly titled measures reported by other companies. See "Condensed Consolidated Statements of Cash Flows For the Twelve Months Ended
(See attached tables for fourth quarter results.)
Table 1 |
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Consolidated Income Statements | ||||||||
For the Three Months Ended |
||||||||
(in Millions Except Per Share Amounts) (Unaudited) | ||||||||
2011 | 2010 | |||||||
Net sales | $ | 4,172 | $ | 3,978 | ||||
Cost of sales | 1,779 | 1,628 | ||||||
Gross profit | 2,393 | 2,350 | ||||||
Gross profit margin | 57.4 | % | 59.1 | % | ||||
Selling, general and administrative expenses | 1,444 | 1,376 | ||||||
Other (income) expense, net | 26 | 69 | ||||||
Operating profit | 923 | 905 | ||||||
Operating profit margin | 22.1 | % | 22.8 | % | ||||
Interest expense, net | 15 | 16 | ||||||
Income before income taxes | 908 | 889 | ||||||
Provision for income taxes | 283 | 238 | ||||||
Effective tax rate | 31.2 | % | 26.8 | % | ||||
Net income including noncontrolling interests | 625 | 651 | ||||||
Less: Net income attributable to noncontrolling interests | 35 | 27 | ||||||
Net income attributable to |
$ | 590 | $ | 624 | ||||
Earnings per common share | ||||||||
Basic | $ | 1.22 | $ | 1.28 | ||||
Diluted | $ | 1.21 | $ | 1.24 | ||||
Average common shares outstanding | ||||||||
Basic | 483.8 | 481.7 | ||||||
Diluted | 487.5 | 503.1 |
Table 2 |
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Consolidated Income Statements | ||||||||
For the Twelve Months Ended |
||||||||
(in Millions Except Per Share Amounts) (Unaudited) | ||||||||
2011 | 2010 | |||||||
Net sales | $ | 16,734 | $ | 15,564 | ||||
Cost of sales | 7,144 | 6,360 | ||||||
Gross profit | 9,590 | 9,204 | ||||||
Gross profit margin | 57.3 | % | 59.1 | % | ||||
Selling, general and administrative expenses | 5,758 | 5,414 | ||||||
Other (income) expense, net | (9 | ) | 301 | |||||
Operating profit | 3,841 | 3,489 | ||||||
Operating profit margin | 23.0 | % | 22.4 | % | ||||
Interest expense, net | 52 | 59 | ||||||
Income before income taxes | 3,789 | 3,430 | ||||||
Provision for income taxes | 1,235 | 1,117 | ||||||
Effective tax rate | 32.6 | % | 32.6 | % | ||||
Net income including noncontrolling interests | 2,554 | 2,313 | ||||||
Less: Net income attributable to noncontrolling interests | 123 | 110 | ||||||
Net income attributable to |
$ | 2,431 | $ | 2,203 | ||||
Earnings per common share | ||||||||
Basic | $ | 4.98 | $ | 4.45 | ||||
Diluted | $ | 4.94 | $ | 4.31 | ||||
Average common shares outstanding | ||||||||
Basic | 488.3 | 487.8 | ||||||
Diluted | 492.0 | 510.9 |
Table 3 |
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Non-GAAP Reconciliation | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||||||||||||||||||||||||
(in Millions Except Per Share Amounts) (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
As |
Business |
|
French |
As Adjusted |
As |
Termination |
Gain on Sale of |
Tax
|
As Adjusted |
|||||||||||||||||||||||||||||||
Cost of sales |
$ | 1,779 | $ | 16 | $ | 1,763 | ||||||||||||||||||||||||||||||||||
Gross profit |
2,393 | (16 | ) | 2,409 | ||||||||||||||||||||||||||||||||||||
Gross profit margin | 57.4 | % | 57.7 | % | ||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1,444 | 5 | 1,439 | |||||||||||||||||||||||||||||||||||||
Other (income) expense, net | 26 | 1 | $ | 6 | $ | 21 | (2 | ) | $ | 69 | $ | 86 | $ | (50 | ) | $ | - | $ | 33 | |||||||||||||||||||||
Operating profit | 923 | (22 | ) | (6 | ) | (21 | ) | 972 | 905 | (86 | ) | 50 | - | 941 | ||||||||||||||||||||||||||
Operating profit margin | 22.1 | % | 23.3 | % | 22.8 | % | 23.7 | % | ||||||||||||||||||||||||||||||||
Income before income taxes | 908 | (22 | ) | (6 | ) | (21 | ) | 957 | 889 | (86 | ) | 50 | - | 925 | ||||||||||||||||||||||||||
Provision for income taxes |
283 | (3 | ) | (2 | ) | - | 288 | 238 | (25 | ) | 20 | (31 | ) | 274 | ||||||||||||||||||||||||||
Effective tax rate |
31.2 | % | 30.1 | % | 26.8 | % | 29.6 | % | ||||||||||||||||||||||||||||||||
Net income including noncontrolling interests | 625 | (19 | ) | (4 | ) | (21 | ) | 669 | 651 | (61 | ) | 30 | 31 | 651 | ||||||||||||||||||||||||||
Net income attributable to |
$ | 590 | $ | (19 | ) | $ | (4 | ) | $ | (21 | ) | $ | 634 | $ | 624 | $ | (61 | ) | $ | 30 | $ | 31 | $ | 624 | ||||||||||||||||
Earnings per common share2 | ||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.22 | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | 1.31 | $ | 1.28 | $ | (0.13 | ) | $ | 0.06 | $ | 0.06 | $ | 1.28 | ||||||||||||||||
Diluted | $ | 1.21 | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | 1.30 | $ | 1.24 | $ | (0.12 | ) | $ | 0.06 | $ | 0.06 | $ | 1.24 |
1 |
Includes a |
|
2 | The impact of Non-GAAP adjustments on the basic and diluted earnings per share may not necessarily equal the difference between "As Reported" and "As Adjusted Non-GAAP" as a result of rounding. |
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Table 4 |
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|
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Non-GAAP Reconciliation | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Twelve Months Ended |
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(in Millions Except Per Share Amounts) (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
As Reported |
Gain on Sale of |
Business |
|
French |
As |
As |
|
Termination |
Gain on Sale of |
Tax |
As |
|||||||||||||||||||||||||||||||||||||
Cost of sales |
$ | 7,144 | $ | 44 | $ | 7,100 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit |
9,590 | (44 | ) | 9,634 | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit margin | 57.3 | % | 57.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 5,758 | 10 | 5,748 | |||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | (9 | ) | $ | (207 | ) | 136 | $ | 13 | $ | 21 | 28 | $ | 301 | $ | 271 | $ | 86 | $ | (50 | ) | $ | - | $ | (6 | ) | |||||||||||||||||||||||
Operating profit | 3,841 | 207 | (190 | ) | (13 | ) | (21 | ) | 3,858 | 3,489 | (271 | ) | (86 | ) | 50 | - | 3,796 | |||||||||||||||||||||||||||||||
Operating profit margin | 23.0 | % | 23.1 | % | 22.4 | % | 24.4 | % | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 3,789 | 207 | (190 | ) | (13 | ) | (21 | ) | 3,806 | 3,430 | (271 | ) | (86 | ) | 50 | - | 3,737 | |||||||||||||||||||||||||||||||
Provision for income taxes |
1,235 | 72 | (42 | ) | (4 | ) | - | 1,209 | 1,117 | - | (25 | ) | 20 | (31 | ) | 1,153 | ||||||||||||||||||||||||||||||||
Effective tax rate | 32.6 | % | 31.8 | % | 32.6 | % | 30.9 | % | ||||||||||||||||||||||||||||||||||||||||
Net income including noncontrolling interests | 2,554 | 135 | (148 | ) | (9 | ) | (21 | ) | 2,597 | 2,313 | (271 | ) | (61 | ) | 30 | 31 | 2,584 | |||||||||||||||||||||||||||||||
Net income attributable to |
$ | 2,431 | $ | 135 | $ | (147 | ) | $ | (9 | ) | $ | (21 | ) | $ | 2,473 | $ | 2,203 | $ | (271 | ) | $ | (61 | ) | $ | 30 | $ | 31 | $ | 2,474 | |||||||||||||||||||
Earnings per common share2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 4.98 | $ | 0.28 | $ | (0.30 | ) | $ | (0.02 | ) | $ | (0.04 | ) | $ | 5.06 | $ | 4.45 | $ | (0.56 | ) | $ | (0.13 | ) | $ | 0.06 | $ | 0.06 | $ | 5.00 | |||||||||||||||||||
Diluted | $ | 4.94 | $ | 0.27 | $ | (0.30 | ) | $ | (0.02 | ) | $ | (0.04 | ) | $ | 5.03 | $ | 4.31 | $ | (0.53 | ) | $ | (0.12 | ) | $ | 0.06 | $ | 0.06 | $ | 4.84 |
1 |
Includes a |
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2 |
The impact of Non-GAAP adjustments on the basic and diluted earnings per share may not necessarily equal the difference between "As Reported" and "As Adjusted Non-GAAP" as a result of rounding. |
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Table 5 |
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Condensed Consolidated Balance Sheets | ||||||||
As of |
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(Dollars in Millions) (Unaudited) | ||||||||
|
December 31, | |||||||
2011 | 2010 | |||||||
Cash and cash equivalents | $ | 878 | $ | 490 | ||||
Receivables, net | 1,675 | 1,610 | ||||||
Inventories | 1,327 | 1,222 | ||||||
Other current assets | 522 | 408 | ||||||
Property, plant and equipment, net | 3,668 | 3,693 | ||||||
Other assets, including goodwill and intangibles | 4,654 | 3,749 | ||||||
Total assets | $ | 12,724 | $ | 11,172 | ||||
Total debt | $ | 4,810 | $ | 3,424 | ||||
Other current liabilities | 3,336 | 3,119 | ||||||
Other non-current liabilities | 2,037 | 1,812 | ||||||
Total liabilities | 10,183 | 8,355 | ||||||
|
2,375 | 2,675 | ||||||
Noncontrolling interests | 166 | 142 | ||||||
Total liabilities and shareholders' equity | $ | 12,724 | $ | 11,172 | ||||
Supplemental Balance Sheet Information | ||||||||
Debt less cash, cash equivalents and marketable securities* | $ | 3,860 | $ | 2,860 | ||||
Working capital % of sales | 0.7 | % | 0.3 | % | ||||
* |
Marketable securities of |
Table 6 |
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Condensed Consolidated Statements of Cash Flows | ||||||||
For the Twelve Months Ended |
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(Dollars in Millions) (Unaudited) | ||||||||
Twelve Months Ended | ||||||||
December 31, | ||||||||
2011 | 2010 | |||||||
Operating Activities | ||||||||
Net income including noncontrolling interests | $ | 2,554 | $ | 2,313 | ||||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations: | ||||||||
Depreciation and amortization | 421 | 376 | ||||||
Restructuring and termination benefits, net of cash | 103 | 86 | ||||||
|
- | 271 | ||||||
Gain before tax on sales of non-core product lines | (207 | ) | (50 | ) | ||||
Voluntary benefit plan contributions |
(178 | ) | (35 | ) | ||||
Stock-based compensation expense | 122 | 121 | ||||||
Deferred income taxes | 88 | 29 | ||||||
Cash effects of changes in: | ||||||||
Receivables | (130 | ) | 40 | |||||
Inventories | (130 | ) | (10 | ) | ||||
Accounts payable and other accruals | 199 | (65 | ) | |||||
Other non-current assets and liabilities | 54 | 135 | ||||||
Net cash provided by operations | 2,896 | 3,211 | ||||||
Investing Activities | ||||||||
Capital expenditures | (537 | ) | (550 | ) | ||||
Sale of property and non-core product lines | 263 | 42 | ||||||
Purchases of marketable securities and investments | (356 | ) | (308 | ) | ||||
Proceeds from marketable securities and investments | 423 | 167 | ||||||
Payment for acquisitions, net of cash acquired | (966 | ) | - | |||||
Other | (40 | ) | (9 | ) | ||||
Net cash used in investing activities | (1,213 | ) | (658 | ) | ||||
Financing Activities | ||||||||
Principal payments on debt | (4,429 | ) | (4,719 | ) | ||||
Proceeds from issuance of debt | 5,843 | 5,015 | ||||||
Dividends paid | (1,203 | ) | (1,142 | ) | ||||
Purchases of treasury shares | (1,806 | ) | (2,020 | ) | ||||
Proceeds from exercise of stock options and excess tax benefits | 353 | 242 | ||||||
Net cash used in financing activities | (1,242 | ) | (2,624 | ) | ||||
Effect of exchange rate changes on Cash and cash equivalents | (53 | ) | (39 | ) | ||||
Net increase (decrease) in Cash and cash equivalents | 388 | (110 | ) | |||||
Cash and cash equivalents at beginning of period | 490 | 600 | ||||||
Cash and cash equivalents at end of period | $ | 878 | $ | 490 | ||||
Supplemental Cash Flow Information | ||||||||
Free cash flow before dividends (Net cash provided by operations less capital expenditures) | ||||||||
Net cash provided by operations | $ | 2,896 | $ | 3,211 | ||||
Less: Capital expenditures | (537 | ) | (550 | ) | ||||
Free cash flow before dividends | $ | 2,359 | $ | 2,661 | ||||
Income taxes paid | $ | 1,007 | $ | 1,123 | ||||
Table 7 |
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Segment Information | ||||||||||||||||
For the Three and Twelve Months Ended |
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(Dollars in Millions) (Unaudited) | ||||||||||||||||
Three Months Ended
|
Twelve Months Ended December 31, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales | ||||||||||||||||
Oral, Personal and Home Care | ||||||||||||||||
|
$ | 757 | $ | 731 | $ | 2,995 | $ | 3,005 | ||||||||
|
1,207 | 1,131 | 4,778 | 4,261 | ||||||||||||
|
847 | 805 | 3,508 | 3,220 | ||||||||||||
|
797 | 759 | 3,281 | 2,998 | ||||||||||||
Total Oral, Personal and Home Care | 3,608 | 3,426 | 14,562 | 13,484 | ||||||||||||
Pet Nutrition | 564 | 552 | 2,172 | 2,080 | ||||||||||||
Total Net sales | $ | 4,172 | $ | 3,978 | $ | 16,734 | $ | 15,564 | ||||||||
Three Months Ended
|
Twelve Months Ended
December 31, |
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2011 | 2010 | 2011 | 2010 | |||||||||||||
Operating profit | ||||||||||||||||
Oral, Personal and Home Care | ||||||||||||||||
|
$ | 192 | $ | 216 | $ | 791 | $ | 884 | ||||||||
|
364 | 320 | 1,414 | 1,295 | ||||||||||||
|
164 | 170 | 715 | 742 | ||||||||||||
|
203 | 194 | 807 | 767 | ||||||||||||
Total Oral, Personal and Home Care | 923 | 900 | 3,727 | 3,688 | ||||||||||||
Pet Nutrition | 152 | 146 | 560 | 559 | ||||||||||||
Corporate 1 | (152 | ) | (141 | ) | (446 | ) | (758 | ) | ||||||||
Total Operating profit | $ | 923 | $ | 905 | 3,841 | $ | 3,489 | |||||||||
Note: |
The Company evaluates segment performance based on several factors, including Operating profit. The Company uses Operating profit as a measure of the operating segment performance because it excludes the impact of corporate-driven decisions related to interest expense and income taxes. |
|
1 |
Corporate operations include stock-based compensation related to stock options and restricted stock awards, research and development costs, Corporate overhead costs, restructuring and related implementation costs and gains and losses on sales of non-core product lines and assets. | |
Corporate Operating profit for the twelve months ended |
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Corporate Operating profit for the three months ended |
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In 2010, Corporate Operating profit includes a one-time |
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2 |
Latin America Operating profit for the twelve months ended |
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Table 8 |
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Geographic Sales Analysis | ||||||||||||||
Percentage Changes - For the Three Months Ended |
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(Unaudited) | ||||||||||||||
COMPONENTS OF SALES CHANGE | ||||||||||||||
Pricing | ||||||||||||||
4th Qtr | Coupons | |||||||||||||
Sales | 4th Qtr | Consumer & | ||||||||||||
Change | Organic | As Reported | Organic | Ex-Divested | Trade |
Foreign |
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Region |
As Reported |
Sales Change |
Volume |
Volume |
Volume |
Incentives |
Exchange |
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|
5.0 % | 6.0 % | 4.0 % | 3.0 % | 4.5 % | 3.0 % | (2.0)% | |||||||
|
5.0 % | (2.0)% | 7.5 % | 1.0 % | 7.5 % | (3.0)% | 0.5 % | |||||||
|
6.5 % | 14.5 % | 3.0 % | 6.0 % | 6.0 % | 8.5 % | (5.0)% | |||||||
|
5.0 % | 8.5 % | 6.0 % | 5.0 % | 6.0 % | 3.5 % | (4.5)% | |||||||
|
6.0 % | 8.0 % | 5.5 % | 4.5 % | 6.5 % | 3.5 % | (3.0)% | |||||||
|
3.5 % | 3.5 % | 3.0 % | 3.0 % | 3.0 % | 0.5 % | 0.0% | |||||||
Total CP Products | 5.5 % | 7.0 % | 5.0 % | 4.0 % | 6.0 % | 3.0 % | (2.5)% | |||||||
Hill's | 2.0 % | 1.5 % | (1.5)% | (1.5)% | (1.5)% | 3.0 % | 0.5 % | |||||||
Emerging Markets (3) | 6.0 % | 12.0 % | 4.5 % | 6.0 % | 6.5 % | 6.0 % | (4.5)% | |||||||
Developed Markets | 3.5 % | 0.0% | 3.0 % | 0.5 % | 3.0 % | (0.5)% | 1.0 % | |||||||
Note: |
(1) The |
The impact of the |
(2) The Company's laundry detergent business in |
The impact of the sale of the Company's laundry detergent business in |
(3) Emerging Markets consist of |
Table 9 |
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|
||||||||||||||
Geographic Sales Analysis | ||||||||||||||
Percentage Changes - For the Twelve Months Ended |
||||||||||||||
(Unaudited) | ||||||||||||||
COMPONENTS OF SALES CHANGE | ||||||||||||||
Pricing | ||||||||||||||
12 Months | Coupons | |||||||||||||
Sales | 12 Months | Consumer & | ||||||||||||
Change | Organic | As Reported | Organic | Ex-Divested | Trade |
Foreign |
||||||||
Region |
As Reported |
Sales Change |
Volume |
Volume |
Volume |
Incentives |
Exchange |
|||||||
|
7.5 % | 4.0 % | 3.5 % | 3.0 % | 4.0 % | 1.0 % | 3.0 % | |||||||
|
9.0 % | (2.0)% | 5.0 % | 1.0 % | 5.0 % | (3.0)% | 7.0 % | |||||||
|
12.0 % | 11.5 % | 3.0 % | 4.5 % | 4.5 % | 7.0 % | 2.0 % | |||||||
|
9.5 % | 7.0 % | 6.5 % | 6.0 % | 6.5 % | 1.0 % | 2.0 % | |||||||
|
10.5 % | 6.0 % | 4.5 % | 3.5 % | 5.0 % | 2.5 % | 3.5 % | |||||||
|
(0.5)% | (1.0)% | 2.0 % | 2.0 % | 2.0 % | (3.0)% | 0.5 % | |||||||
Total CP Products | 8.0 % | 4.5 % | 4.0 % | 3.5 % | 4.5 % | 1.0 % | 3.0 % | |||||||
Hill's | 4.5 % | 1.5 % | 0.0% | 0.0% | 0.0% | 1.5 % | 3.0 % | |||||||
Emerging Markets (3) | 10.5 % | 9.0 % | 4.0 % | 4.5 % | 5.0 % | 4.5 % | 2.0 % | |||||||
Developed Markets | 4.5 % | (1.0)% | 2.5 % | 1.0 % | 2.5 % | (2.0)% | 4.0 % |
Note: |
(1) The |
The impact of the |
(2) The Company's laundry detergent business in |
The impact of the sale of the Company's laundry detergent business in |
(3) Emerging Markets consist of |
Source:
News Provided by Acquire Media