Colgate-Palmolive Co. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $3,892 million compared to $3,721 million a year ago. Operating profit was $924 million compared to $955 million a year ago. Income before income taxes was $896 million compared to $934 million a year ago. Net income attributable to the company was $323 million or $0.37 per basic and diluted share compared to $606 million or $0.68 per basic and diluted share a year ago. Non-GAAP operating profit was $1,011 million compared to $1,038 million a year ago. Non-GAAP net income attributable to the company was $659 million compared to $667 million a year ago. Non-GAAP diluted earnings per common share were $0.75 compared to $0.75 a year ago.

For the year, the company reported net sales of $15,454 million compared to $15,195 million a year ago. Operating profit was $3,589 million compared to $3,837 million a year ago. Income before income taxes was $3,487 million compared to $3,738 million a year ago. Net income attributable to the company was $2,024 million compared to $2,441 million a year ago. Diluted earnings per share were $2.28 compared to $2.72 a year ago. Net cash provided by operations was $3,054 million compared to $3,141 million a year ago. Capital expenditures were $553 million compared to $593 million a year ago. Non-GAAP operating profit was $3,922 million compared to $3,985 million a year ago. Non-GAAP net income attributable to the company was $2,545 million compared to $2,522 million a year ago. Non-GAAP diluted earnings per common share were $2.87 compared to $2.81 a year ago.

The company expects a mid-single-digit net sales increase and low to mid-single-digit organic sales growth in 2018, with improvement in organic sales growth versus the second half of 2017. The company expects its 2018 tax rate to be in the range of 26% to 27%, both on a GAAP basis and excluding the impact of the Global Growth and Efficiency Program. On a GAAP basis, company expects gross margin to be up 75 to 125 basis points in 2018. Excluding the impact of Global Growth and Efficiency Program, company expects gross margin to be up 50 to 75 basis points as a combination of pricing and productivity from funding-the-growth initiatives should more than offset higher raw material costs. Company expects GAAP earnings per share to be up double digits for the year. Excluding charges related to the Global Growth and Efficiency Program and the onetime charge resulting from U.S. tax reform, earnings per share growth to be around 10%.