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Another Year of Double-Digit Earnings Growth

(Dollars in Millions Except Per Share Amounts)   2009     2008*   Change

Unit Volume             +0.5%
Worldwide Sales $ 15,327   $ 15,330  
Gross Profit Margin   58.8%     56.3%   +250 basis points
Operating Profit $ 3,615   $ 3,101   +17%
Operating Profit Margin   23.6%     20.2%   +340 basis points
Net Income $ 2,291   $ 1,957   +17%
Net Income Percent to Sales   14.9%     12.8%   +210 basis points
Diluted Earnings Per Share $ 4.37   $ 3.66   +19%
Dividends Paid Per Share $ 1.72   $ 1.56   +10%
Operating Cash Flow $ 3,277   $ 2,302   +42%
Number of Registered Common Shareholders   30,600     31,400   -3%
Number of Common Shares Outstanding (in millions)   494     501   -1%
Year-end Stock Price $ 82.15   $ 68.54   +20%

Highlights

  • Worldwide sales were level with the year ago period. Organic sales (excluding foreign exchange, acquisitions and divestments) grew a strong 6.5%.
  • Operating profit, net income and diluted earnings per share all increased at a double-digit rate for the year.
  • Gross profit margin increased 250 basis points. Excluding restructuring charges, gross profit margin increased 210 basis points to an all-time record high of 58.8%.
  • Operating cash flow grew by 42% to an all-time record level of $3,277 million.
  • The quarterly dividend rate increased by 10% in 2009.

* Net income and diluted earnings per share in 2008 include an aftertax charge of $113 million ($0.21 per share) related to the 2004 Restructuring Program. A complete reconciliation between reported results and results excluding the 2004 Restructuring Program is available on Colgate’s web site in the Non-GAAP Reconciliation page of this report.

As required, the Company adopted an update to the Consolidation Topic of the FASB Codification on January 1, 2009, and as a result of the adoption, certain prior-period amounts attributable to noncontrolling interests in less-than-wholly-owned subsidiaries were reclassified within the Consolidated Statements of Income, Balance Sheets and Cash Flows. While the reclassification had no impact on net income or diluted earnings per share, it did impact the previously reported operating profit and operating cash flow. A complete reconciliation to previously reported amounts is available on Colgate’s web site.

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