Colgate-Palmolive Shares Slip After First-quarter Earnings Miss

Shares of Colgate-Palmolive Company were down 1.5% in premarket trade Friday after the company missed first-quarter revenue expectations. The company reported net income of $570 million, or 64 cents per share, up from $533 million, or 59 cents per share, reported in the year-earlier period. It reported adjusted earnings per share of 67 cents, above the FactSet consensus of 66 cents. Revenue was $3.76 billion, unchanged from the year-earlier period and below the FactSet consensus of $3.80 billion. For 2017, the company expects gross margin expansion and earnings per share to be flat on a GAAP basis. Shares of Colgate-Palmolive have gained 13% in the past three months, compared to the S&P 500's gain of 4%.