Colgate-Palmolive ( CL) posted better-than-expect earning on Thursday, lifted by a hike in prices and cost-cutting initiatives.

Earnings during the quarter rose 9% to $507.9 million, or 97 cents a share, up from $466.5 million, or 86 cents, during the same period last year. Results beat the Street by a penny.

Sales of the company known for its namesake toothpaste and dishwashing soap declined 6% to $3.50 billion from $3.71 billion.

"Our cost-cutting and efficiency programs as well as increased pricing more than offset the impact during the quarter of higher raw- and packaging-material costs worldwide and the strengthening dollar," CEO Ian Cook said in a statement.

The company expects commodity and oil prices to ease and said it is "comfortable" with analyst earnings expectations of $1.04 a share in the second quarter and $4.21 a share for 2009.

Rival Procter and Gamble ( PG) also released third-quarter earnings results on Thursday. The maker of Gillette razors and Tide laundry detergent said profit fell 4% due to consumers trading down to less expensive products.

The company earned $2.61 billion, or 84 cents per share, compared with a profit of $2.71 billion, or 82 cents per share, a year earlier.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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