CHICAGO (Reuters) - Colgate-Palmolive Co
The company earned $576 million, or $1.16 a share, compared with $357 million, or 69 cents per share, a year earlier. But the year-earlier profit was hit by a one-time charge of 52 cents a share from hyperinflation accounting in Venezuela.
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Excluding the charge, earnings fell 8 percent in this year's first quarter, the company said.
Colgate, which has raised prices on bars of soap and other goods, said sales rose 4.5 percent to $4 billion.
The company previously forecast a mid-single-digit percentage rise in earnings per share for 2011 and stood by that target on Thursday.
Colgate, along with rivals such as Procter & Gamble Co
(Reporting by Jessica Wohl and Brad Dorfman; Editing by Lisa Von Ahn)