NEW YORK ( TheStreet) -- Colgate-Palmolive ( CL) reported third-quarter earnings per share up 8% over the same period in 2010, topping analysts' estimates.
Third-quarter net income, excluding items, was $643 million, or $1.31 share, vs. income of $619 million, or $1.21, in the year-ago period. Revenue for the third quarter was $4.38 billion, up from $3.94 billion in the same period last year. Analysts were expecting the laundry detergent and toothpaste maker to post earnings per share of $1.30 on revenue of $4.37 billion, excluding one-time items.
The company earnings were led by a 16% jump in sales in Latin America, representing 28% of the company's global business. While the company left guidance in place for the full year, it expects a decline in profit margin. "Reflecting the significantly higher cost environment, we currently expect gross profit margin for the year to decline between 150 and 170 basis points vs. 2010," CEO Ian Cook said in the company's press release. -- Written by Carlton Wilkinson.