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TheStreet Open House

Colgate To Cut 6 Pct Of Workforce In 4 Years

Stock quotes in this article: CL

Colgate-Palmolive reported net income of $654 million, or $1.36 per share for the three-month period ended Sept. 30. That compares with $643 million, or 1.31 per share in the year-ago period.

The results include special charges related to the sale of land in Mexico and other costs, Colgate-Palmolive earned $1.38 per share.

Revenue slipped 1 percent to $4.33 billion from $4.38 billion.

Analysts had expected $1.38 per share on revenue of $4.38 billion, according to a poll by analysts.

Colgate-Palmolive said that its global market share in toothpaste and manual toothbrushes are both at record high year to date. The company's share of the global toothpaste market strengthened to 44.9 percent year to date, up 0.6 percent points compared with a year ago. The company's leadership in manual toothbrushes also was further fortified during the quarter, with Colgate's global market share in that category reaching 32.7 percent year to date, up 0.8 percent percentage points compared with a year ago.

North American revenue, which accounts for 18 percent of its business, rose 2.5 percent during the third quarter and prices edged up 0.5 percent. In Latin America, which makes up 29 percent of company sales, revenue were unchanged from a year ago and prices rose 5.5 percent. Revenue from Europe and the South Pacific, which combined account for 20 percent of total business, fell 11 percent, while prices declined 1 percent. In greater Asia and Africa, which makes up about 20 percent of Colgate's revenue, revenue rose 5.0 percent during the third quarter, while prices increased 4 percent.

Shares fell $1.96, or 1.8 percent, to close at 104.60 Thursday.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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