Colgate-Palmolive Sales Decline And Fall Short Of Estimates

Colgate-Palmolive Co. said Friday it had net income of $726 million, or 80 cents a share, in the third quarter, up from $542 million, or 59 cents a share, in the year-earlier period. Excluding special items, the consumer goods company said adjusted EPS came to 72 cents, matching the FactSet consensus. Sales fell 8.5% to $3.99 billion, below the FactSet consensus of $4.07 billion. Chief Executive Ian Cook said sales were buoyed by emerging markets, while the company expanded its share of the global toothpaste market to 44.7%, up 0.7 points. The company's board has approved the reinvestment of the proceeds of the sale of its laundry detergent business in the South Pacific to expand a restructuring program launched in 2012 and extend it through 2017. It now expects full-year EPS to fall in the low to mid-single digits, excluding charges from restructuring. Shares were not yet active in premarket trade, but are up 0.1% in the year so far, while the S&P 500 has gained 1.4%.