Hill’s Pet Nutrition profits rise to $199m

Hill’s Pet Nutrition has reported a 9% increase in profits to $199m (£158.7m) for the three months ending 31 March 2024.

The pet food company also made up 22% of the parent company Colgate-Palmolive’s sales growth in the first quarter of 2024.

Additionally, Colgate’s pet division recorded net sales of $1.12bn (£894.1m) for the three months ended March 31, up from $1.06bn (£846.5m) in the same period of the prior year.

The pet division accounted for 3.9% of the company’s overall net revenues.

Noel Wallace, chairman, president and chief executive officer, said: “We are very pleased to have started 2024 with another quarter of strong top and bottom line performance as we continued to execute our strategy successfully.

“Our strong growth momentum and great start to the year add to our confidence that we are executing the right strategies to deliver on our updated 2024 financial targets and generate consistent, compounded earnings per share growth.”