Colgate-Palmolive Profits Up in 4Q
NEW YORK (AP) _ Colgate-Palmolive Co., the nation’s top seller of toothpaste and a leader in the dishwashing soap market, said Thursday its profits rose 11 percent in the fourth quarter, beating Wall Street forecasts.
The New York-based company said net income was $260.6 million, or 41 cents a share, in the final three months of 1999. That compared 1998′s fourth quarter profit of $234.2 million, or 36 cents a share.
The latest results beat most projections by Wall Street analysts by a penny, according to a survey by First Call/Thomson Financial.
Sales in the final quarter of 1999 totaled $2.34 billion, up 2.3 percent from $2.29 billion a year earlier.
Colgate’s stock fell $1.31 1/4 to $60 in trading at 5:15 p.m. on the New York Stock Exchange. Analysts noted that Colgate’s stock had risen $1.68 3/4 on Wednesday in advance of the earnings report.
The company reported unit volume growth worldwide and said that sales would have increased 8 percent if not for unfavorable currency translation.
Earnings for all of 1999 totaled $937.3 million, or $1.47 a share, improving from $848.6 million, or $1.30 a share, in 1998. Sales were $9.12 billion for 1999, up 1.7 percent from $8.97 billion a year earlier.