Colgate

(CL) - Get Report

posted in-line first-quarter earnings and named Ian Cook president.

For its third quarter ended last month, the New York-based toothpaste titan earned $300 million, or 53 cents a share, down from the year-ago $339 million, or 59 cents a share. Excluding the effects of the company's restructuring program, latest-quarter earnings were 61 cents a share, in line with the Thomson First Call analyst estimate.

Revenue rose to $2.74 billion from $2.51 billion a year earlier, as the company added 170 basis points worth of U.S. toothpaste market share, according to ACNielsen.

Colgate said North American sales rose 7%, with unit volume rising 7.5%, its strongest volume growth in seven quarters.

CEO Reuben Mark said he was "pleased that the gross margin in our top-priority oral care business worldwide was up more than 100 basis points, while the lower-priority detergent businesses were down as a result of much higher levels of petroleum-based ingredients. Continued strong cost control largely offset raw material price increases. We are especially encouraged that the worldwide pricing negative was lower in the current quarter than it has been for five quarters."

Colgate also said operating chief Ian Cook will replace President William Shanahan when Shanahan retires later this year.

Colgate closed Tuesday at $50.70.