Colgate-Palmolive (NYSE:CL) edged past earnings expectations on Friday as price hikes buoyed performance.

The consumer staples manufacturer posted $0.77 in earnings per share on $4.63B in revenue, edging out Wall Street estimates. Organic sales increased 8.5% despite a 4% slide in organic volume as a 12.5% average price hike helped to counteract declining volume. The volume 4% decline outpaced the 2.71% expectation on the Street.

“We are very pleased to have finished 2022 with a continuation of our strong growth momentum, as 2022 was our fourth consecutive year delivering organic sales growth at or above our 3% to 5% long-term targeted range,” CEO Noel Wallace said. “Net sales increased 5.0% in the fourth quarter, and organic sales grew 8.5% with growth in every division and in all four of our categories, despite challenging macroeconomic conditions worldwide.”

Moving forward, management expects organic sales growth to be towards the high end of its long-term targeted range of 3% to 5%, in-line with the analyst expectation of 4.21% growth. The toothpaste producer also projected gross profit margin expansion in 2023 and “double-digit earnings-per-share growth.”

“We are also strengthening and scaling our digital, data analytics, innovation and other capabilities across the company,” Wallace added. “All this adds to our confidence that despite uncertain macroeconomic conditions worldwide, we are executing against the right strategy and are well-positioned to deliver sustainable, profitable growth in 2023 and beyond.”

Colgate-Palmolive (CL) stock slid 1.68% in premarket trading.

Dig into the details of the earnings result.