10.24.14
Weak demand in Brazil and China, coupled with a stronger US dollar, forced Colgate-Palmolive Co to lower its full-year earnings forecast and report a 17% drop in third-quarter profit. Colgate's profit has fallen in four of the past six quarters. The stronger dollar will slow the company's full-year profit per share growth to 3-4%, Colgate said. It had previously expected a 4-5% growth.
Emerging markets, which generate about 50% of Colgate's net sales, have weakened in the past few months, with Brazil slipping into recession and China facing what is said to be its worst slowdown in 24 years. Colgate, which controls nearly 45% of the global toothpaste market, said net sales in Latin America fell 4.5% in Q3. Worldwide net sales fell marginally to $4.38 billion.
Emerging markets, which generate about 50% of Colgate's net sales, have weakened in the past few months, with Brazil slipping into recession and China facing what is said to be its worst slowdown in 24 years. Colgate, which controls nearly 45% of the global toothpaste market, said net sales in Latin America fell 4.5% in Q3. Worldwide net sales fell marginally to $4.38 billion.