Colgate-Palmolive Shares Rise After Earnings Beat Estimates

Colgate-Palmolive Co. shares rose 0.9% after second-quarter earnings beat estimates and the company guided for an earnings gain for the year. Colgate-Palmolive reported net income of $600 million, or 67 cents per share, up from $574 million, or 63 cents per share, for the same period last year. Adjusted earnings were 70 cents per share, flat with last year and above the 69 cents per share FactSet consensus. Revenue for the quarter totaled $3.85 billion, down from $4.01 billion for the same period last year and below the $3.86 billion FactSet consensus. Foreign currency headwinds resulted in a 5.5% sales decline, Chief Executive Ian Cook said in a statement. The company expects adjusted earnings per share for the year to be flat with 2015 on a dollar basis. Colgate-Palmolive shares are up 10% for the year so far, while the S&P 500 Index is up 6% for the same period.