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Colgate-Palmolive’s Q3 net income rises 4.9%

Colgate-Palmolive’s Q3 net income rises 4.9%
AP
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First Published: Thu, Oct 28 2010. 04 53 PM IST
Updated: Thu, Oct 28 2010. 04 53 PM IST
New York: Consumer products maker Colgate-Palmolive posted a 4.9% rise in net income in the third-quarter even as revenue fell slightly because of foreign currency exchange.
The company said Thursday it earned $619 million, or $1.21 per share, in the three months ending September 30. That’s up $590 million, or $1.12 per share, in the same period last year.
Revenue fell more than 1% to $3.94 billion. Analysts polled by Thomson Reuters expected the company to earn $1.19 per share on revenue of $4.03 billion in the quarter.
The maker of Palmolive soap and Hill’s pet food says pricing also hurt it in the quarter. Consumer products companies have been cutting prices and running promotions to woo bargain-seeking shoppers.
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First Published: Thu, Oct 28 2010. 04 53 PM IST