Colgate-Palmolive Sales Fall Below Street View; Latin American Sales Dip 7%
Colgate-Palmolive Co, the world's largest toothpaste maker, reported quarterly sales on Friday that fell below Wall Street estimates, as sales in Latin America declined.
Sales in Latin America, which contributes a majority of sales at the company, fell 7% to $933 million. Sales were hit by a month-long trucker strike in Brazil.
"The second quarter was another challenging one with category growth rates remaining soft in many markets around the world and recent unfavorable movements in foreign exchange" Chief Executive Officer Ian Cook said in a statement.
The maker of Speed Stick deodorants and Softsoap hand-wash said net sales rose 1.6% to $3.89 billion, but the figure was below analysts' average estimate of $3.92 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to Colgate rose to $637 million, or 73 cents per share, in the second quarter ended 30 June, from $524 million, or 59 cents per share, a year earlier.
Excluding one-time items, the company earned 77 cents per share, in line with analysts' estimates.
Shares of the company fell nearly 3% to $65 before the bell.