Colgate-Palmolive Company (NYSE:CL) shares lost 8% since the company’s reported Q1 results last week. Quarterly EPS of $0.74 came in slightly worse than the consensus estimate of $0.75, while revenue of $4.4 billion was in-line with expectations.

Group organic sales growth of 4% missed the consensus estimate of 4.3% as Total Oral, Personal and Home Care grew by just 2% (vs. Street’s 3.1%), more than offsetting the beat from Hill’s Pet Nutrition, which grew sales by 13% (vs. Street’s 11.7%).

The company raised its full 2022-year organic sales growth expectations to 4-6% (vs. 3-5% prior) but lowered its forecast for adjusted EPS growth to negative mid-single-digits.

Following the continued rise in commodity pressures, management no longer expects gross margins to improve during the year.