Colgate-Palmolive announced financial results for the third quarter. Profit fell due to increasedmarketing spending and higher costs for raw materials. The company earned $329 million, downfrom $365.4 million a year earlier.
Last month Colgate issued its first formal earnings warning in almost a decade, citing highercosts as part of the cause.
For the third quarter, net sales rose to $2.7 billion, compared to $2.5 billion a year ago, in linewith analysts' expectations. Sales and volume each rose 8.5%, excluding divestments, with therecent acquisition of Swiss toothpaste GABA adding 2%, according to executives. Chairman andchief executive Reuben Mark said in a statement that sales growth is excellent but has come at acost to short-term profits.
Colgate maintains its fourth-quarter earnings forecast of $0.57-0.59 cents a share. The companystood by its fourth-quarter earnings forecast of 57 cents to 59 cents per share. This target was givenin September.