Breaking News

Venezuela Puts a Hurt On Colgate's Results

February 19, 2014

Company predicts a $200 million loss

Colgate, the world's biggest maker of toothpaste, said Tuesday it will take a one-time charge of as much as $200 million as a result of new monetary policies in Venezuela. In January, the Venezuelan government said foreign companies investing in Venezuela will be required to make purchases at a rate established at weekly central bank auctions. Colgate said the latest price was 11.7 bolivars per dollar. The official exchange rate is 6.3 bolivars per dollar.

Colgate-Palmolive Co. said that if the rate remains at 11.7 bolivars per dollar, it expects a charge of $180 million to $200 million, or 19 to 21 cents per share, in the first quarter.

It said that at current rates, the policy would also reduce its annual net income by 11 to 14 cents per share.

Related End-User Markets:

blog comments powered by Disqus
  • Sustainability is Omnipresent

    Sustainability is Omnipresent

    Christine Esposito , Associate Editor||July 1, 2016
    Industry stakeholders convene in New York City for Organic Monitor’s annual event

  • Preserve & Serve

    Preserve & Serve

    Melissa Meisel , Associate Editor||July 1, 2016
    Suppliers with innovative preservatives provide staying power for formulations.

  • Take Notice

    Take Notice

    Melissa Meisel , Associate Editor||June 1, 2016
    Packaging trends revolve around trendy artwork, eco-conscious materials—and portability is a plus too!