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Colgate-Palmolive Profit Rises, Price Rises Help
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Colgate-Palmolive on Tuesday reported a 19 percent jump in quarterly profit as price increases and sales in emerging markets and North America helped offset soaring commodity costs and weakness in parts of Western Europe.
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Colgate toothpaste. |
The weaker dollar also helped lift sales, contributing to earnings that exceeded analysts' estimates.
The maker of Colgate toothpaste, Hill's Science Diet pet food and Irish Spring soap said second-quarter profit rose to $493.8 million, or 92 cents a share, from $415.8 million, or 76 a share, a year earlier.
Excluding restructuring items, the company earned 98 cents a share. Analysts, on average, forecast 94 cents a share.
Like most consumer products makers, Colgate [CL
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] has faced soaring costs for energy, packaging materials and other commodities. The company has countered with price increases -- 4.5 percent on average in the quarter compared with a year earlier --and is also reaping the benefits of cost-cutting within the company.
Sales rose 16.5 percent to $3.96 billion. Analysts on average forecast $3.84 billion, according to Reuters Estimates.
The weaker dollar accounted for 7 percentage points of the increase. Volume, a measure of goods sold that excludes currency and price fluctuations, rose 5 percent.
For the year, the company expects mid-teens earnings per share growth, with a double-digit increase again in 2009, Chief Executive Ian Cook said.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
