NEW YORK ( TheStreet) -- Colgate-Palmolive ( CL) beat Wall Street's earnings expectations, but missed on top-line estimates amid slipping worldwide sales in the recession. Colgate posted net income of $561.6 million and diluted earnings per share of $1.07. In the year-ago period, Colgate earned $493.8 million and 92 cents a share, which included a $29.5 million or 6 cents a share, charge related to a restructuring program. Worldwide sales fell 5.5% to $3.75 billion. Analysts polled by Thomson Reuters had expected earnings of $1.05 a share on revenue of $3.81 billion. "Given continued worldwide economic difficulties, we are very pleased that profitability was strong with gross profit margin, operating profit margin and net income as a percent to sales all increasing to record levels," Chairman, President and CEO Ian Cook said in a company statement. -- Reported by a staff writer in New York.