Colgate-Palmolive has forecast fiscal 2024 sales below estimates, as higher prices of its oral and personal care products continue to weigh on volumes.
For Colgate, fourth-quarter organic volumes were flat, broadly similar to the previous quarter, although improving from a 4% dip last year.
The New York-based company said volumes, which have been under pressure in the past few quarters, are expected to recover somewhat through the year.
Net sales rose to $4.95 billion, beating LSEG estimates of $4.90 billion.
On an adjusted basis, the company posted a profit of 87 cents per share, topping estimates of 85 cents per share.
Sales at the company's Hill's Pet Nutrition business, which made up a quarter of the company's sales in 2023, were up 5% compared to a 20% rise in 2022.
RBC analyst Nik Modi said the performance of the pet category was " increasingly concerning" amid consumer pressure and competition from specialty pet retailers.