posted 15% growth in third-quarter net income and beat analysts' expectations by a penny, as cost-cutting offset higher raw material prices and currency effects.
The New York-based company earned $275.3 million, or 44 cents a diluted share, up from $239.7 million, or 38 cents a share, a year ago. Net income in the latest period beat the 15-analyst consensus estimate by a penny, according to a poll conducted by
First Call/Thomson Financial
Revenue rose 2% to $2.37 billion from $2.31 billion a year ago.
The consumer products company also said it remains comfortable with the external earnings estimates for the fourth quarter, full year and 2001. Analysts expect the company to earn 46 cents a share for the fourth quarter. Wall Street is looking for earnings of $1.68 a share for the year and $1.90 for 2001, according to First Call.