NEW YORK – Colgate-Palmolive Co. (CL) on Thursday reported profit that increased by 11 percent in its second quarter. The results matched analysts' expectations.
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The New York-based company said earnings increased to $622 million, or 67 cents per share, from $561 million, or 60 cents per share, in the same quarter a year earlier.
Earnings, adjusted for restructuring costs, were 73 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The company reported revenue that was nearly flat at $4.35 billion compared with the same quarter a year ago and missed Wall Street forecasts. Analysts expected $4.4 billion, according to Zacks.
Colgate-Palmolive shares have increased 90 cents, or 1.4 percent, to $66.11 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.6 percent. The stock has risen $6.24, or 10 percent, in the last 12 months.