Colgate-Palmolive Company announced unaudited consolidated results for the three months ended March 31, 2018. For the three months, the company reported net sales were $4,002 million compared to $3,762 million for the same period a year ago. Operating profit was $983 million compared to $912 million for the same period a year ago. Income before income taxes was $924 million compared to $862 million for the same period a year ago. Net income attributable to Colgate-Palmolive Company was $634 million or $0.72 per basic and diluted earnings per share compared to $570 million or $0.64 per basic and diluted earnings per share for the same period a year ago. Net cash provided by operations was $616 million compared to $691 million for the same period a year ago. Capital expenditure was $118 million compared to $121 million for the same period a year ago. Non-GAAP income before income taxes was $952 million compared to $908 million for the same period a year ago. Non-GAAP net income attributable to Colgate-Palmolive Company was $654 million or $0.74 per diluted earnings per share compared to $601 million or $0.67 per diluted earnings per share for the same period a year ago. Non-GAAP operating profit was $1,007 million against $957 million a year ago.

Based on current spot rates, the company expects a mid-single-digit net sales increase and low-single-digit organic sales growth in 2018, with sequential improvement in organic sales growth in the balance of the year. On a GAAP basis, based on current spot rates and including the impact of the Global Growth and Efficiency Program, the company is planning for a year of gross margin expansion and expects double-digit earnings per share growth to be around 10%. Excluding charges resulting from the Global Growth and Efficiency Program and the one-time charge related to U.S. tax reform in 2017, based on current spot rates, are planning for a year of increased operating cash flow, gross margin expansion, increased advertising investment and low-double-digit earnings per share growth. The company expects tax rate to be in the range of 26% to 27% in 2018, GAAP earnings per share to be at double digits for the year. On a GAAP basis, the company expects gross margin to be up 75 to 125 basis points in 2018.