Venezuela charge hurts Colgate-Palmolive 1Q profit

[April 29, 2010]  NEW YORK (AP) -- Colgate-Palmolive says its first-quarter earnings fell 30 percent even as sales improved worldwide because of a big charge related to Venezuela's currency devaluation.

The maker of Palmolive dishwashing liquid, Ajax cleanser and Colgate toothpaste earned $357 million or 69 cents per share in the three months ending March 31. That's down from $508 million or 97 cents per share in the same quarter last year.

Revenue rose 9.3 percent to $3.83 billion.

Excluding the Venezuela charge, earnings were $1.21 per share. Analysts expected the company to earn $1.19 per share on revenue of $3.89 billion.

[Associated Press]

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