Colgate Announces 3rd Quarter 2013 Results

  Colgate Announces 3rd Quarter 2013 Results

                    Strong Organic Sales Growth Worldwide

Business Wire

NEW YORK -- October 24, 2013

Colgate-Palmolive Company (NYSE:CL) today reported worldwide Net sales of
$4,398 million in third quarter 2013, an increase of 1.5% versus third quarter
2012. Global unit volume grew 5.0%, pricing increased 1.0% and foreign
exchange was negative 4.5%. Organic sales (Net sales excluding foreign
exchange, acquisitions and divestments) grew 6.0%.

Net income and Diluted earnings per share in third quarter 2013 were $656
million and $0.70, respectively. Net income in third quarter 2013 included $24
million ($0.03 per diluted share) of aftertax charges resulting from the
implementation of the previously disclosed four-year Global Growth and
Efficiency Program (the “2012 Restructuring Program”) and costs associated
with the sale of land in Mexico.

Net income and Diluted earnings per share in third quarter 2012 were $654
million and $0.68, respectively. Net income in third quarter 2012 included
aftertax charges of $7 million ($0.01 per diluted share) resulting from the
items described in Table 8.

Excluding the above noted items in both periods, Net income in third quarter
2013 was $680 million, an increase of 3% versus third quarter 2012, and
Diluted earnings per share in third quarter 2013 was $0.73, an increase of 6%
versus third quarter 2012.

Gross profit margin was 58.8% in third quarter 2013 versus 58.4% in the year
ago quarter. Excluding the above noted items in both periods, Gross profit
margin was 59.0% in third quarter 2013, an increase of 40 basis points versus
the year ago quarter, as higher pricing and cost savings from the Company’s
funding-the-growth initiatives more than offset higher raw and packaging
material costs which included the impact of foreign exchange.

Selling, general and administrative expenses were 35.2% of Net sales in third
quarter 2013 versus 34.6% in third quarter 2012. Excluding the above noted
items in both periods, Selling, general and administrative expenses increased
by 40 basis points to 35.0% of Net sales in third quarter 2013, as advertising
investment increased by 40 basis points and overhead expenses remained even
with the year ago period, both as a percentage of Net sales. Worldwide
advertising investment increased 6% versus the year ago quarter to $478
million.

Operating profit decreased 1% to $1,016 million in third quarter 2013 compared
to $1,027 million in third quarter 2012. Excluding the above noted items in
both periods, Operating profit increased 1% to $1,049 million.

Net cash provided by operations year to date increased 11% to $2,365 million,
compared to $2,133 million in the comparable 2012 period. The increase was
driven by strong operating earnings as well as a continued tight focus on
working capital. Free cash flow before dividends (Net cash provided by
operations less Capital expenditures) exceeded 100% of Net income. Working
capital as a percentage of Net sales improved to negative 0.9% versus 2.2% in
the year ago period, mainly due to accrued liabilities related to the 2012
Restructuring Program and the timing of dividend payments.

Ian Cook, Chairman, President and Chief Executive Officer, commented on the
results and outlook excluding the 2013 and 2012 items noted above, “We are
delighted that our strong growth momentum continued on both the top and bottom
lines. For the tenth consecutive quarter, operating profit, net income and
diluted earnings per share all increased versus the year ago period.

“The strong 6.0% organic sales growth reflects positive organic growth in all
operating divisions, led by the emerging markets, where organic sales grew a
robust 9.5%.

“Advertising investment increased versus year ago, both absolutely and as a
percent to sales, and we continue to plan for higher levels of commercial
investment in the balance of the year in support of a very full pipeline of
new products worldwide.

“Colgate’s leading global market shares in toothpaste and manual toothbrushes
remain strong at 45.0% and 33.4%, respectively, on a year-to-date basis.
Pleasingly, we continue to make great progress in mouthwash as well, with our
global market share in that category reaching a record high at 16.8% year to
date, up 130 basis points versus prior year.

“Looking forward, we expect our growth momentum to continue in the balance of
the year. We are pleased that our 2012 Restructuring Program is on track and
proceeding smoothly. We also continue to be sharply focused on our aggressive
worldwide funding-the-growth programs and our strategic pricing initiatives.

“Based on this, for 2013, we continue to anticipate another year of strong
organic sales growth and gross margin expansion, and we continue to expect
diluted earnings per share to grow 4.5% to 5.5% for the year, on a dollar
basis, assuming average exchange rates in the balance of the year are equal to
current spot rates.”

Mr. Cook concluded, “As we look ahead to 2014, while our global budget process
is in its initial stages, based on the Company’s current growth momentum and
our confidence in the strength of our global growth and efficiency program, we
are planning for a year of gross margin expansion and double-digit earnings
per share growth, on a dollar basis based on current spot rates, excluding
charges related to the 2012 Restructuring Program.”

At 11:00 a.m. ET today, Colgate will host a conference call to elaborate on
third quarter results. To access this call as a webcast, please go to
Colgate’s web site at http://www.colgatepalmolive.com.

The following are comments about divisional performance for third quarter 2013
versus the year ago period. See attached Geographic Sales Analysis Percentage
Changes and Segment Information schedules for additional information on
divisional net sales and operating profit.

North America (18% of Company Sales)

North America Net sales increased 1.0% in third quarter 2013. Unit volume
increased 1.5%, pricing was even with the year ago quarter and foreign
exchange was negative 0.5%. Organic sales increased 1.5% during the quarter.

Operating profit in North America increased 15% in the third quarter of 2013
to $244 million, or 370 basis points to 31.5% of Net sales.This increase in
Operating profit was primarily due to an increase in Gross profit and a
decrease in Selling, general and administrative expenses, both as a percentage
of Net sales. This increase in Gross profit was mainly driven by cost savings
from the Company’s funding-the-growth initiatives. This decrease in Selling,
general and administrative expenses was due to lower overhead costs and
decreased advertising, the latter due to the timing of new product launches.

In the U.S., new product launches are contributing to volume growth across
categories. Market share gains year to date were seen in manual toothbrushes,
powered toothbrushes, mouthwash, body washes and fabric conditioners. In
toothpaste, the success of Colgate Optic White and Colgate Optic White Dual
Action toothpastes helped drive market share for the Colgate Optic White brand
to 5.5% year to date, up 0.6 share points versus year ago. Strong sales of
Colgate Total, Colgate Max Fresh Cool Scrub, Colgate Sensitive SmartFoam with
Whitening and Tom’s of Maine toothpastes also contributed to volume growth in
the quarter.

In manual toothbrushes, Colgate continued its brand market leadership with its
market share in that category reaching a record 38.4% year to date, up 2.0
share points versus year ago. This success was driven by strong sales of
Colgate 360° Optic White, Colgate 360° Total Advanced Floss Tip bristles and
Colgate Extra Clean manual toothbrushes. Building on this growth momentum,
Colgate Slim Soft manual toothbrush was just launched in the U.S., with robust
advertising support planned to begin in the fourth quarter.

Successful products driving volume growth in the U.S. in other categories
include Colgate Total Advanced Pro-Shield and Colgate Optic White mouthwashes,
Softsoap brand Acai Berry & Tropical Water and Softsoap brand Coconut Island
Quench body washes, Palmolive Soft Touch dish liquid and Suavitel Silky
Essence fabric conditioner.

Latin America (29% of Company Sales)

Latin America Net sales decreased 2.0% in third quarter 2013. Unit volume
increased 5.5% with 3.5% higher pricing and 11.0% negative foreign exchange.
Excluding divested businesses, unit volume increased 6.0%. Volume gains were
led by Brazil, Venezuela, Central America and Mexico. Organic sales for Latin
America increased 9.5% during the quarter.

Operating profit in Latin America decreased 5% in the third quarter of 2013 to
$358 million, or 90 basis points to 28.6% of Net sales.This decrease in
Operating profit was primarily due to a decrease in Gross profit, which was
partially offset by a decrease in Selling, general and administrative
expenses, both as a percentage of Net sales. This decrease in Gross profit was
due to higher costs, primarily in Venezuela, which were partially offset by
cost savings from the Company’s funding-the-growth initiatives and the
benefits of higher pricing. This decrease in Selling, general and
administrative expenses was driven by lower overhead expenses, which were
partially offset by increased advertising investment.

Colgate’s strong leadership in oral care throughout Latin America continued
during the quarter with year-to-date toothpaste market share gains in Brazil,
Chile, Paraguay, Uruguay, the Dominican Republic and Puerto Rico. Strong sales
of Colgate Luminous White, Colgate Total Professional Gum Health and Colgate
Triple Action Extra Whitening toothpastes drove volume growth throughout the
region. Colgate strengthened its leadership of the manual toothbrush market
throughout the region, driven by strong sales of Colgate 360° Luminous White,
Colgate Triple Action and Colgate Premier manual toothbrushes. In mouthwash,
Colgate’s strong market share performance continues throughout the region,
driven by the success of Colgate Luminous White, Colgate Plax Fresh Tea and
Colgate Plax 2 in 1 mouthwashes.

Products in other categories contributing to volume growth include Protex Men,
Protex Vitamin E and Palmolive Naturals Olive and Aloe bar soaps, Lady Speed
Stick and Speed Stick deodorants, and Axion Oats dish liquid.

Europe/South Pacific (20% of Company Sales)

Europe/South Pacific Net sales in third quarter 2013 increased 1.5%. Unit
volume increased 2.0% with 1.5% lower pricing and 1.0% positive foreign
exchange. Excluding divested businesses, unit volume increased 2.5%. Volume
gains were led by Australia, Poland and Germany. Organic sales for
Europe/South Pacific increased 1.0%.

Operating profit in Europe/South Pacific increased 9% in the third quarter of
2013 to $216 million, or 160 basis points to 24.5% of Net sales. This increase
in Operating profit was primarily due to an increase in Gross profit, which
was partially offset by an increase in Selling, general and administrative
expenses, both as a percentage of Net sales. This increase in Gross profit was
primarily driven by savings from the Company’s funding-the-growth initiatives,
which were partially offset by lower pricing. This increase in Selling,
general and administrative expenses was driven by increased advertising
investment, which was partially offset by lower overhead costs.

Colgate strengthened its oral care leadership in the Europe/South Pacific
region with toothpaste share gains led by the United Kingdom, Switzerland,
Poland, Austria, Czech Republic, the Netherlands, Croatia and Serbia.
Successful premium products driving share gains include Colgate Max White One
Luminous, Colgate Max Fresh ActiClean with SmartFoam, Colgate Total Pro
Interdental and elmex Sensitive toothpastes. In the manual toothbrush
category, Colgate 360° Interdental, Colgate 360° Max White One and Colgate
Slim Soft manual toothbrushes contributed to volume growth throughout the
region.

Recent premium innovations contributing to volume growth in other product
categories include Colgate Max White One and Colgate Plax Complete Care
mouthwashes, Colgate ProClinical electric toothbrush, Sanex Surgras, Palmolive
Mediterranean Moments shower gels, Palmolive Hygiene-Plus liquid hand soap,
Paic Excel + dish liquid and Soupline Perfect Glide fabric conditioner.

Asia (14% of Company Sales)

Asia Net sales increased 7.5% during third quarter 2013. Unit volume increased
11.0% with 0.5% lower pricing and 3.0% negative foreign exchange. Volume gains
were led by the Greater China region, India and the Philippines. Organic sales
for Asia increased 10.5%.

Operating profit in Asia increased 6% in the third quarter of 2013 to $174
million, while as a percentage of Net sales it decreased 30 basis points to
27.8%. This decrease in Operating profit as a percentage of Net sales was
primarily due to an increase in Selling, general and administrative expenses,
which was partially offset by an increase in Gross profit, both as a
percentage of Net sales.This increase in Gross profit was primarily due to
cost savings from the Company’s funding-the-growth initiatives, partially
offset by higher raw and packaging material costs, which included foreign
exchange transaction costs, and lower pricing. This increase in Selling,
general and administrative expenses was driven by increased advertising
investment and increased investment in customer development initiatives.

Colgate strengthened its toothpaste leadership in Asia, driven by market share
gains in India, China, Thailand, the Philippines and Singapore. Successful new
products including Colgate Total Pro Gum Health, Colgate Optic White, Colgate
Visible White, Darlie Expert White and Darlie Expert Fresh toothpastes
contributed to volume growth throughout the region.

Successful new products contributing to volume growth in other categories in
the region include Colgate Slim Soft Charcoal and Colgate Slim Soft Raised Tip
manual toothbrushes, Colgate Optic White, Colgate Plax Fruity Fresh and Darlie
mouthwashes and Palmolive Naturals Vibrant Color shampoo.

Africa/Eurasia (7% of Company Sales)

Africa/Eurasia Net sales increased 2.0% during third quarter 2013. Unit volume
increased 7.5% with 1.0% higher pricing and 6.5% negative foreign exchange.
Volume gains were led by Turkey, the Sub-Saharan Africa region, the Central
Asia/Caucasus region and Russia. Organic sales for Africa/Eurasia increased
8.5%.

Operating profit in Africa/Eurasia decreased 3% in the third quarter of 2013
to $65 million, or 110 basis points to 20.2% of Net sales, as an increase in
Gross profit was more than offset by an increase in Selling, general and
administrative expenses, both as a percentage of Net sales.This increase in
Gross profit was primarily due to cost savings from the Company’s
funding-the-growth initiatives and the benefits of pricing, partially offset
by higher raw and packaging material costs, which included foreign exchange
transaction costs. This increase in Selling, general and administrative
expenses was primarily due to higher overhead costs.

Colgate continued its toothpaste leadership in Africa/Eurasia, driven by
market share gains in Russia, South Africa, Turkey, Kenya, Saudi Arabia,
Kuwait and Lebanon. Successful products contributing to volume growth in the
region include Colgate Optic White toothpaste, Colgate 360° Optic White manual
toothbrush, Colgate Optic White and Colgate Plax Herbal mouthwashes and
Palmolive Gourmet Spa and Protex for Men shower gels.

Hill’s Pet Nutrition (12% of Company Sales)

Hill’s Net sales increased 3.0% during third quarter 2013. Unit volume
increased 3.0%, pricing increased 3.0% and foreign exchange was negative 3.0%.
Volume gains in the U.S. and Russia were partially offset by volume declines
in Japan. Hill’s organic sales increased 6.0%.

Hill’s Operating profit decreased 6% in the third quarter of 2013 to $138
million, or 250 basis points to 25.3% of Net sales.This decrease in Operating
profit was primarily due to a decrease in Gross profit and an increase in
Selling, general and administrative expenses, both as a percentage of Net
sales. This decrease in Gross profit was primarily driven by higher raw and
packaging material costs, due in part to formulation changes and foreign
exchange transaction costs, which were partially offset by cost savings from
the Company’s funding-the-growth initiatives and the benefit of pricing. This
increase in Selling, general and administrative expenses was due to increased
investment in customer development initiatives and increased advertising
investment.

New product introductions driving volume growth in the U.S. include the recent
successful launch of a new natural pet food brand, Hill’s Ideal Balance, with
natural ingredients perfectly balanced.

New product introductions driving volume growth globally include the launch of
breakthrough weight loss nutrition, Hill’s Prescription Diet Metabolic and the
relaunch of Hill’s Science Diet with natural ingredients and improved taste.

                                     ***

About Colgate-Palmolive: Colgate-Palmolive is a leading global consumer
products company, tightly focused on Oral Care, Personal Care, Home Care and
Pet Nutrition. Colgate sells its products in over 200 countries and
territories around the world under such internationally recognized brand names
as Colgate, Palmolive, Speed Stick, Lady Speed Stick, Softsoap, Irish Spring,
Protex, Sorriso, Kolynos, elmex, Tom’s of Maine, Sanex, Ajax, Axion, Fabuloso,
Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription
Diet. For more information about Colgate’s global business, visit the
Company’s web site at http://www.colgatepalmolive.com. To learn more about
Colgate Bright Smiles, Bright Futures® oral health education program, please
visit http://www.colgatebsbf.com. CL-E

Market Share Information

Management uses market share information as a key indicator to monitor
business health and performance. References to market share in this press
release are based on a combination of consumption and market share data
provided by third-party vendors, primarily Nielsen, and internal estimates.
All market share references represent the percentage of the dollar value of
sales of our products, relative to all product sales in the category in the
countries in which the Company competes and purchases data. Market share data
is subject to limitations on the availability of up-to-date information. We
believe that the third-party vendors we use to provide data are reliable, but
we have not verified the accuracy or completeness of the data or any
assumptions underlying the data. In addition, market share information
calculated by the Company may be different from market share information
calculated by other companies due to differences in category definitions, the
use of data from different countries, internal estimates and other factors.

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 volume growth, organic sales growth, profit or profit
margin growth, earnings growth, financial goals, the impact of currency
devaluations, exchange controls, price controls and labor unrest, including in
Venezuela, cost-reduction plans including the 2012 Restructuring Program, tax
rates, new product introductions or commercial investment levels. These
statements are made on the basis of our views and assumptions as of this time
and we undertake no obligation to update these statements. We caution
investors that any such forward-looking statements are not guarantees of
future performance and that actual events or results may differ materially
from those statements. Investors should consult the Company’s filings with the
Securities and Exchange Commission (including the information set forth under
the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2012) for information about certain factors that could
cause such differences. Copies of these filings may be obtained upon request
from the Company’s Investor Relations Department or on the Company’s web site
at http://www.colgatepalmolive.com.

Non-GAAP Financial Measures

The following provides information regarding the non-GAAP financial measures
used in this earnings release and/or the related webcast:

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 nine months ended September 30, 2013 vs
2012 included with this release for a comparison of organic sales growth to
sales growth in accordance with accounting principles generally accepted in
the United States of America (“GAAP”).

To supplement Colgate’s Condensed Consolidated Income Statements presented in
accordance with GAAP, the Company has disclosed non-GAAP measures of operating
results that exclude certain items. Worldwide Gross profit, Gross profit
margin, Selling, general and administrative expenses, Selling, general and
administrative expenses as a percentage of Net sales, Other (income) expense,
net, Operating profit, Operating profit margin, Net income attributable to
Colgate-Palmolive Company and Diluted earnings per common share are discussed
both as reported (on a GAAP basis) and, as applicable, excluding charges
resulting from the implementation of the 2012 Restructuring Program, the
one-time charge resulting from the Venezuela devaluation, a charge associated
with a European competition law matter, costs related to the sale of land in
Mexico and costs associated with various business realignment and other
cost-saving initiatives (non-GAAP). Management believes these non-GAAP
financial measures provide investors with useful supplemental information
regarding the performance of the Company’s ongoing operations. See “Non-GAAP
Reconciliations” for the three and nine months ended September 30, 2013 and
2012 included with this release for a reconciliation of these financial
measures to the related GAAP measures.

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 nine months ended September 30, 2013 and
2012 for a comparison of free cash flow before dividends to Net cash provided
by operations as reported in accordance with GAAP.

               (See attached tables for third quarter results.)

                                                                Table 1
                                                                     
Colgate-Palmolive Company
                                                                     
Condensed Consolidated Income Statements
                                                                     
For the Three Months Ended September 30, 2013 and 2012
                                                                     
(Dollars in Millions Except Per Share Amounts) (Unaudited)
                                                                     
                                                     2013            2012
                                                                     
Net sales                                            $ 4,398         $ 4,332
                                                                     
Cost of sales                                          1,813           1,803
                                                                     
Gross profit                                           2,585           2,529
                                                                     
Gross profit margin                                    58.8  %         58.4  %
                                                                     
Selling, general and administrative expenses           1,549           1,501
                                                                     
Other (income) expense, net                            20              1
                                                                     
Operating profit                                       1,016           1,027
                                                                     
Operating profit margin                                23.1  %         23.7  %
                                                                     
Interest (income) expense, net                         -               4
                                                                     
Income before income taxes                             1,016           1,023
                                                                     
Provision for income taxes                             317             326
                                                                     
Effective tax rate                                     31.2  %         31.9  %
                                                                     
Net income including noncontrolling interests          699             697
                                                                     
Less: Net income attributable to noncontrolling        43              43
interests
                                                                     
Net income attributable to Colgate-Palmolive         $ 656           $ 654
Company
                                                                     
Earnings per common share
Basic                                                $ 0.71          $ 0.69
Diluted                                              $ 0.70          $ 0.68
                                                                     
Average common shares outstanding
Basic                                                  928.1           949.8
Diluted                                                936.9           958.4


                                                               Table 2
                                                                    
Colgate-Palmolive Company
                                                                    
Condensed Consolidated Income Statements
                                                                    
For the Nine Months Ended September 30, 2013 and 2012
                                                                    
(Dollars in Millions Except Per Share Amounts) (Unaudited)
                                                                    
                                                   2013             2012
                                                                    
Net sales                                          $ 13,059         $ 12,799
                                                                    
Cost of sales                                        5,425            5,372
                                                                    
Gross profit                                         7,634            7,427
                                                                    
Gross profit margin                                  58.5   %         58.0   %
                                                                    
Selling, general and administrative expenses         4,611            4,443
                                                                    
Other (income) expense, net                          359              37
                                                                    
Operating profit                                     2,664            2,947
                                                                    
Operating profit margin                              20.4   %         23.0   %
                                                                    
Interest (income) expense, net                       (8     )         20
                                                                    
Income before income taxes                           2,672            2,927
                                                                    
Provision for income taxes                           863              932
                                                                    
Effective tax rate                                   32.3   %         31.8   %
                                                                    
Net income including noncontrolling interests        1,809            1,995
                                                                    
Less: Net income attributable to                     132              121
noncontrolling interests
                                                                    
Net income attributable to Colgate-Palmolive       $ 1,677          $ 1,874
Company
                                                                    
Earnings per common share
Basic                                              $ 1.80           $ 1.96
Diluted                                            $ 1.78           $ 1.95
                                                                    
Average common shares outstanding
Basic                                                932.5            954.8
Diluted                                              941.4            962.9


                                                            Table 3
                                                                 
Colgate-Palmolive Company
                                                                 
Condensed Consolidated Balance Sheets
                                                                 
As of September 30, 2013, December 31, 2012 and September 30, 2012
                                                                 
(Dollars in Millions) (Unaudited)
                                                                 
                                                                 
                              September 30,     December 31,     September 30,
                              2013              2012             2012
                                                                 
Cash and cash equivalents     $  721            $  884           $  909
Receivables, net                 1,737             1,668            1,857
Inventories                      1,441             1,365            1,384
Other current assets             701               639              611
Property, plant and              3,858             3,842            3,685
equipment, net
Other assets, including         4,981           4,996          4,978   
goodwill and intangibles
Total assets                  $  13,439        $  13,394       $  13,424  
                                                                 
Total debt                    $  5,284          $  5,230         $  5,246
Other current liabilities        3,884             3,432            3,397
Other non-current               2,264           2,342          2,084   
liabilities
Total liabilities                11,432            11,004           10,727
Total Colgate-Palmolive
Company shareholders'            1,784             2,189            2,507
equity
Noncontrolling interests        223             201            190     
Total liabilities and         $  13,439        $  13,394       $  13,424  
shareholders' equity
                                                                 
Supplemental Balance Sheet
Information
Debt less cash, cash
equivalents and marketable    $  4,417          $  4,230         $  4,256
securities*
Working capital % of sales       (0.9    )%        0.7     %        2.2     %


    Marketable securities of $146, $116 and $81 as of September 30, 2013,
*  December 31, 2012 and September 30, 2012, respectively, are included in
    Other current assets.


                                                                 Table 4
                                                                    
Colgate-Palmolive Company
                                                                    
Condensed Consolidated Statements of Cash Flows
                                                                    
For the Nine Months Ended September 30, 2013 and 2012
                                                                    
(Dollars in Millions) (Unaudited)
                                                                    
                                                     2013           2012
                                                                    
Operating Activities
Net income including noncontrolling interests        $ 1,809        $ 1,995
Adjustments to reconcile net income including
noncontrolling interests to net cash provided by
operations:
Depreciation and amortization                          329            317
Restructuring and termination benefits, net of         82             (35    )
cash
Voluntary benefit plan contributions                   (101   )       (101   )
Stock-based compensation expense                       105            98
Venezuela devaluation charge                           172            -
Deferred income taxes                                  35             71
Cash effects of changes in:
Receivables                                            (137   )       (166   )
Inventories                                            (107   )       (48    )
Accounts payable and other accruals                    121            (27    )
Other non-current assets and liabilities              57           29     
Net cash provided by operations                        2,365          2,133
                                                                    
Investing Activities
Capital expenditures                                   (419   )       (317   )
Sale of property and non-core product lines            -              38
Purchases of marketable securities and investments     (408   )       (501   )
Proceeds from sale of marketable securities and        195            120
investments
Payment for acquisitions, net of cash acquired         -              (29    )
Other                                                 4            65     
Net cash used in investing activities                  (628   )       (624   )
                                                                    
Financing Activities
Principal payments on debt                             (5,504 )       (3,684 )
Proceeds from issuance of debt                         5,563          4,131
Dividends paid                                         (1,030 )       (951   )
Purchases of treasury shares                           (1,115 )       (1,344 )
Proceeds from exercise of stock options and excess    276          390    
tax benefits
Net cash used in financing activities                  (1,810 )       (1,458 )
                                                                    
Effect of exchange rate changes on Cash and cash      (90    )      (20    )
equivalents
Net increase (decrease) in Cash and cash               (163   )       31
equivalents
Cash and cash equivalents at beginning of period      884          878    
Cash and cash equivalents at end of period           $ 721         $ 909    
                                                                    
Supplemental Cash Flow Information
Free cash flow before dividends (Net cash provided
by operations less Capital expenditures)
Net cash provided by operations                      $ 2,365        $ 2,133
Less: Capital expenditures                            (419   )      (317   )
Free cash flow before dividends                      $ 1,946       $ 1,816  
                                                                    
                                                                    
Income taxes paid                                    $ 781          $ 949


                                                             Table 5
                                                                    
Colgate-Palmolive Company
                                                                    
Segment Information
                                                                    
For the Three and Nine Months Ended September 30, 2013 and 2012
                                                                    
(Dollars in Millions) (Unaudited)
                                                                    
                                                                    
                         Three Months Ended          Nine Months Ended

                         September 30,               September 30,
                         2013          2012          2013           2012
Net sales
Oral, Personal and
Home Care
                                                                    
North America            $ 774         $ 766         $ 2,300        $ 2,217
Latin America              1,251         1,276         3,747          3,777
Europe/South Pacific       880           865           2,552          2,569
Asia                       627           583           1,900          1,717
Africa/Eurasia            321         314         932          918    
                                                                    
Total Oral, Personal       3,853         3,804         11,431         11,198
and Home Care
                                                                    
Pet Nutrition             545         528         1,628        1,601  
                                                                    
Total Net sales          $ 4,398      $ 4,332      $ 13,059      $ 12,799 
                                                                    
                                                                    
                         Three Months Ended          Nine Months Ended

                         September 30,               September 30,
                         2013          2012          2013           2012
Operating profit
Oral, Personal and
Home Care
                                                                    
North America            $ 244         $ 213         $ 686          $ 580
Latin America              358           377           1,022          1,100
Europe/South Pacific       216           198           605            560
Asia                       174           164           533            474
Africa/Eurasia            65          67          192          197    
                                                                    
Total Oral, Personal       1,057         1,019         3,038          2,911
and Home Care
                                                                    
Pet Nutrition              138           147           410            440
Corporate^(1)             (179  )      (139  )      (784   )      (404   )
                                                                    
Total Operating Profit   $ 1,016      $ 1,027      $ 2,664       $ 2,947  


Note:
^(1) Corporate operations includes costs 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(loss) for the three months ended September 30, 2013
includes costs of $30 associated with the 2012 Restructuring Program and costs
of $3 related to the sale of land in Mexico. For the three months ended
September 30, 2012, Corporate Operating profit(loss) included costs of $7
related to the sale of land in Mexico and costs of $3 associated with various
business realignment and other cost-saving initiatives.

Corporate Operating profit(loss) for the nine months ended September 30, 2013
includes costs of $198 associated with the 2012 Restructuring Program, a
one-time $172 charge for the impact of the devaluation in Venezuela, a charge
of $18 for a competition law matter in France related to the home care and
personal care sectors and costs of $14 related to the sale of land in Mexico.
For the nine months ended September 30, 2012, Corporate Operating profit(loss)
included costs of $20 related to the sale of land in Mexico and costs of $21
associated with various business realignment and other cost-saving
initiatives.


                                                                                     Table 6
                                                                                                  
Colgate-Palmolive Company
                                                                                                  
Geographic Sales Analysis Percentage Changes
                                                                                                  
For the Three Months Ended September 30, 2013 vs 2012
                                                                                                  
(Unaudited)
                                                                                                  
                                                                                                  
                                                                                                  
                                          COMPONENTS OF SALES CHANGE
                                                                                                  
                                                                                   Pricing
                                                                                   Coupons
                 Sales        3                                                    Consumer &
                              Months
                 Change       Organic     As           Organic     Ex-Divested     Trade          Foreign
                                          Reported
Region           As           Sales       Volume       Volume      Volume          Incentives     Exchange
                 Reported     Change
                                                                                                  
Total Company    1.5   %      6.0   %     5.0   %      5.0   %     5.0     %       1.0    %       (4.5  )%
                                                                                                  
Europe/South     1.5   %      1.0   %     2.0   %      2.5   %     2.5     %       (1.5   )%      1.0   %
Pacific
                                                                                                  
Latin America    (2.0  )%     9.5   %     5.5   %      6.0   %     6.0     %       3.5    %       (11.0 )%
                                                                                                  
Asia             7.5   %      10.5  %     11.0  %      11.0  %     11.0    %       (0.5   )%      (3.0  )%
                                                                                                  
Africa/Eurasia   2.0   %      8.5   %     7.5   %      7.5   %     7.5     %       1.0    %       (6.5  )%
                                                                                                  
Total            1.5   %      7.0   %     6.0   %      6.0   %     6.0     %       1.0    %       (5.5  )%
International
                                                                                                  
North America    1.0   %      1.5   %     1.5   %      1.5   %     1.5     %       -      %       (0.5  )%
                                                                                                  
Total CP         1.5   %      6.0   %     5.0   %      5.0   %     5.0     %       1.0    %       (4.5  )%
Products
                                                                                                  
Hill's           3.0   %      6.0   %     3.0   %      3.0   %     3.0     %       3.0    %       (3.0  )%
                                                                                                  
                                                                                                  
Emerging         2.0   %      9.5   %     7.5   %      7.5   %     7.5     %       2.0    %       (7.5  )%
Markets ^(1)
                                                                                                  
Developed        1.0   %      2.0   %     1.5   %      2.0   %     2.0     %       -      %       (0.5  )%
Markets


Notes:

^(1) Emerging Markets include Latin America, Asia (excluding Japan),
Africa/Eurasia and Central Europe.


                                                                                     Table 7
                                                                                                  
Colgate-Palmolive Company
                                                                                                  
Geographic Sales Analysis Percentage Changes
                                                                                                  
For the Nine Months Ended September 30, 2013 vs 2012
                                                                                                  
(Unaudited)
                                                                                                  
                                                                                                  
                                                                                                  
                                          COMPONENTS OF SALES CHANGE
                                                                                                  
                                                                                   Pricing
                                                                                   Coupons
                 Sales        9                                                    Consumer &
                              Months
                 Change       Organic     As           Organic     Ex-Divested     Trade          Foreign
                                          Reported
Region           As           Sales       Volume       Volume      Volume          Incentives     Exchange
                 Reported     Change
                                                                                                  
Total Company    2.0   %      5.5   %     4.5   %      4.5   %     4.5     %       1.0    %       (3.5  )%
                                                                                                  
Europe/South     (0.5  )%     -     %     1.0   %      1.5   %     1.5     %       (1.5   )%      -     %
Pacific
                                                                                                  
Latin America    (1.0  )%     8.5   %     4.5   %      5.0   %     5.0     %       3.5    %       (9.0  )%
                                                                                                  
Asia             10.5  %      11.5  %     11.0  %      11.0  %     11.0    %       0.5    %       (1.0  )%
                                                                                                  
Africa/Eurasia   1.5   %      7.0   %     9.0   %      9.0   %     9.0     %       (2.0   )%      (5.5  )%
                                                                                                  
Total            1.5   %      6.5   %     5.0   %      5.5   %     5.5     %       1.0    %       (4.5  )%
International
                                                                                                  
North America    3.5   %      4.0   %     3.5   %      3.5   %     3.5     %       0.5    %       (0.5  )%
                                                                                                  
Total CP         2.0   %      6.0   %     4.5   %      5.0   %     5.0     %       1.0    %       (3.5  )%
Products
                                                                                                  
Hill's           1.5   %      4.0   %     1.0   %      1.0   %     1.0     %       3.0    %       (2.5  )%
                                                                                                  
                                                                                                  
Emerging         3.0   %      9.0   %     7.0   %      7.0   %     7.0     %       2.0    %       (6.0  )%
Markets ^(1)
                                                                                                  
Developed        1.0   %      2.0   %     1.5   %      2.0   %     2.0     %       -      %       (0.5  )%
Markets


Notes:

^(1) Emerging Markets include Latin America, Asia (excluding Japan),
Africa/Eurasia and Central Europe.


                                                             Table 8

Colgate-Palmolive Company
                                                                   
Non-GAAP Reconciliations
                                                                   
For the Three Months Ended September 30, 2013 and 2012
                                                                   
(Dollars in Millions Except Per Share Amounts) (Unaudited)
                                                                   
                                                                   
                                                                   
Gross Profit                          2013           2012
Gross profit, GAAP                    $ 2,585        $ 2,529
2012 Restructuring Program              8              -
Costs related to the sale of land       3              7
in Mexico
Business realignment and other         -            1     
cost-saving initiatives
Gross profit, non-GAAP                $ 2,596       $ 2,537 
                                                                   
                                                                   Basis Point
Gross Profit Margin                   2013           2012          Change
Gross profit margin, GAAP               58.8  %        58.4  %     40
2012 Restructuring Program              0.2   %        -
Costs related to the sale of land       -              0.2   %
in Mexico
Business realignment and other         -            -          
cost-saving initiatives
Gross profit margin, non-GAAP          59.0  %       58.6  %     40     
                                                                   
                                                                   
Selling, General and Administrative   2013           2012
Expenses
Selling, general and administrative   $ 1,549        $ 1,501
expenses, GAAP
2012 Restructuring Program              (9    )        -
Business realignment and other         -            (2    )
cost-saving initiatives
Selling, general and administrative   $ 1,540       $ 1,499 
expenses, non-GAAP
                                                                   
                                                                   Basis Point
Selling, General and Administrative
Expenses as a Percentage of Net       2013           2012          Change
Sales
Selling, general and administrative
expenses as a percentage of Net         35.2  %        34.6  %     60
sales, GAAP
2012 Restructuring Program              (0.2  %)       -
Business realignment and other         -            -          
cost-saving initiatives
Selling, general and administrative
expenses as a percentage of Net        35.0  %       34.6  %     40     
sales, non-GAAP
                                                                   
                                                                   
Other (Income) Expense, Net           2013           2012
Other (income) expense, net, GAAP     $ 20           $ 1
2012 Restructuring Program             (13   )       -     
Other (income) expense, net,          $ 7           $ 1     
non-GAAP
                                                                   
                                                                   
Operating Profit                      2013           2012          % Change
Operating profit, GAAP                $ 1,016        $ 1,027       (1     %)
2012 Restructuring Program              30             -
Costs related to the sale of land       3              7
in Mexico
Business realignment and other         -            3          
cost-saving initiatives
Operating profit, non-GAAP            $ 1,049       $ 1,037      1      %
                                                                   
                                                                   Basis Point
Operating Profit Margin               2013           2012          Change
Operating profit margin, GAAP           23.1  %        23.7  %     (60    )
2012 Restructuring Program              0.7   %        -
Costs related to the sale of land       0.1   %        0.1   %
in Mexico
Business realignment and other         -            0.1   %     
cost-saving initiatives
Operating profit margin, non-GAAP      23.9  %       23.9  %     0      
                                                                   
                                                                   
Net Income Attributable to            2013           2012          % Change
Colgate-Palmolive Company
Net income attributable to            $ 656          $ 654         -
Colgate-Palmolive Company, GAAP
2012 Restructuring Program              22             -
Costs related to the sale of land       2              5
in Mexico
Business realignment and other         -            2          
cost-saving initiatives
Net income attributable to            $ 680         $ 661        3      %
Colgate-Palmolive Company, non-GAAP
                                                                   
                                                                   
Earnings Per Common Share, Diluted    2013           2012          % Change
^(1) (2)
Diluted earnings per common share,    $ 0.70         $ 0.68        3      %
GAAP
2012 Restructuring Program              0.02           -
Costs related to the sale of land       0.01           0.01
in Mexico
Business realignment and other         -            -          
cost-saving initiatives
Diluted earnings per common share,    $ 0.73        $ 0.69       6      %
non-GAAP


^(1) The impact of non-GAAP adjustments on the diluted earnings per share may
not necessarily equal the difference between "GAAP" and "non-GAAP" as a result
of rounding.

^(2) As a result of the two-for-one stock split, effective May 15, 2013, all
historical per share data and number of shares were retroactively adjusted.
Diluted earnings per share were computed independently for each quarter
presented.

                                                              Table 9
                                                                   
Colgate-Palmolive Company
                                                                   
Non-GAAP Reconciliations
                                                                   
For the Nine Months Ended September 30, 2013 and 2012
                                                                   
(Dollars in Millions Except Per Share Amounts) (Unaudited)
                                                                   
                                                                   
                                                                   
Gross Profit                         2013           2012
Gross profit, GAAP                   $ 7,634        $ 7,427
2012 Restructuring Program             26             -
Costs related to the sale of land      11             20
in Mexico
Business realignment and other        -            5     
cost-saving initiatives
Gross profit, non-GAAP               $ 7,671       $ 7,452 
                                                                   
                                                                   Basis Point
Gross Profit Margin                  2013           2012           Change
Gross profit margin, GAAP              58.5  %        58.0  %      50
2012 Restructuring Program             0.2   %        -
Costs related to the sale of land     -            0.2   %      
in Mexico
Gross profit margin, non-GAAP         58.7  %       58.2  %      50     
                                                                   
                                                                   
Selling, General and                 2013           2012
Administrative Expenses
Selling, general and                 $ 4,611        $ 4,443
administrative expenses, GAAP
2012 Restructuring Program             (31   )        -
Business realignment and other        -            (14   )
cost-saving initiatives
Selling, general and                 $ 4,580       $ 4,429 
administrative expenses, non-GAAP
                                                                   
                                                                   Basis Point
Selling, General and
Administrative Expenses as a         2013           2012           Change
Percentage of Net Sales
Selling, general and
administrative expenses as a           35.3  %        34.7  %      60
percentage of Net sales, GAAP
2012 Restructuring Program             (0.2  %)       -
Business realignment and other        -            (0.1  %)     
cost-saving initiatives
Selling, general and
administrative expenses as a          35.1  %       34.6  %      50     
percentage of Net sales, non-GAAP
                                                                   
                                                                   
Other (Income) Expense, Net          2013           2012
Other (income) expense, net, GAAP    $ 359          $ 37
2012 Restructuring Program             (141  )        -
Venezuela devaluation charge           (172  )        -
Charge for a French competition        (18   )        -
law matter
Costs related to the sale of land      (3    )        -
in Mexico
Business realignment and other        -            (2    )
cost-saving initiatives
Other (income) expense, net,         $ 25          $ 35    
non-GAAP
                                                                   
                                                                   
Operating Profit                     2013           2012           % Change
Operating profit, GAAP               $ 2,664        $ 2,947        (10    %)
2012 Restructuring Program             198            -
Venezuela devaluation charge           172            -
Charge for a French competition        18             -
law matter
Costs related to the sale of land      14             20
in Mexico
Business realignment and other        -            21          
cost-saving initiatives
Operating profit, non-GAAP           $ 3,066       $ 2,988       3      %
                                                                   
                                                                   Basis Point
Operating Profit Margin              2013           2012           Change
Operating profit margin, GAAP          20.4  %        23.0  %      (260   )
2012 Restructuring Program             1.5   %        -
Venezuela devaluation charge           1.3   %        -
Charge for a French competition        0.2   %        -
law matter
Costs related to the sale of land      0.1   %        0.1   %
in Mexico
Business realignment and other        -            0.2   %      
cost-saving initiatives
Operating profit margin, non-GAAP     23.5  %       23.3  %      20     
                                                                   
                                                                   
Net Income Attributable to           2013           2012           % Change
Colgate-Palmolive Company
Net income attributable to           $ 1,677        $ 1,874        (11    %)
Colgate-Palmolive Company, GAAP
2012 Restructuring Program             153            -
Venezuela devaluation charge           111            -
Charge for a French competition        18             -
law matter
Costs related to the sale of land      9              15
in Mexico
Business realignment and other        -            14          
cost-saving initiatives
Net income attributable to
Colgate-Palmolive Company,           $ 1,968       $ 1,903       3      %
non-GAAP
                                                                   
                                                                   
Earnings Per Common Share, Diluted   2013           2012           % Change
^(1) (2)
Diluted earnings per common share,   $ 1.78         $ 1.95         (9     %)
GAAP
2012 Restructuring Program             0.16           -
Venezuela devaluation charge           0.12           -
Charge for a French competition        0.02           -
law matter
Costs related to the sale of land      0.01           0.02
in Mexico
Business realignment and other        -            0.01        
cost-saving initiatives
Diluted earnings per common share,   $ 2.09        $ 1.98        6      %
non-GAAP
                                                                          

^(1) The impact of non-GAAP adjustments on the diluted earnings per share may
not necessarily equal the difference between "GAAP" and "non-GAAP" as a result
of rounding.

^(2) As a result of the two-for-one stock split, effective May 15, 2013, all
historical per share data and number of shares were retroactively adjusted.
Diluted earnings per share were computed independently for each quarter and
the year to date period presented. As a result of the stock split, changes in
shares outstanding during the year and rounding, the sum of the quarters'
earnings per share may not necessarily equal the earnings per share for the
year to date period.

Contact:

Colgate-Palmolive Company
Bina Thompson, 212-310-3072
Hope Spiller, 212-310-2291