NEW YORK ( TheStreet) -- Colgate-Palmolive ( CL) forecasts double-digit earnings per share growth in 2010 after reporting third-quarter earnings that were in line with expectations.
Colgate said the full-year forecast is consistent with its long-term goal. The company added it expects mid-single digit earnings per share growth for fiscal 2011. "As we turn to 2011, while our global budget process is still in its initial stages, we are planning to strengthen our volume and market share, driven by many new and existing Colgate products supported by increased advertising, and consequently we anticipate mid-single digit earnings per share growth for the year," said Ian Cook, chairman and CEO, in a statement Thursday. Colgate said third-quarter net income rose 4.9% to $619 million, or $1.21 a share, in line with consensus expectations, from $590 million, or $1.12, the previous year. The company said it was operating amid aggressive competitive activity and difficult global economic conditions. Net sales fell 1.4% to $3.94 billion from about $4 billion. The average analyst sales estimate for the quarter was $4.03 billion. During the quarter, global volume grew 3%, pricing was flat from the year-earlier quarter and foreign exchange was negative 4.5%. The company said its global market share in manual toothbrushes rose 1.6 points to 31.5% from a year earlier. >>Search for Highest Dividends by Rate or Yield
-- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: email@example.com.