Colgate earnings to be cut by Venezuelan currency devaluation
Feb 11 (Reuters) - Colgate-Palmolive Co said on Monday it will incur a one-time loss of $120 million, or 25 cents per share, in the first quarter of 2013, related to the devaluation of the Venezuelan currency.
In addition, Colgate expects earnings to be reduced by 5 cents to 7 cents per share per quarter in 2013, due to the translation of financial statements at the new Venezuelan exchange rate.
The devaluation will not have any impact on its 2012 results, or its financial position, Colgate said.
- Obama makes rare campaign trail appearance, people leave early
- Turkey to let Iraqi Kurds reinforce Kobani as U.S. drops arms to defenders |
- Obama makes rare campaign trail appearance, some leave early
- Nigeria declared Ebola-free, holds lessons for others |
- U.S. stocks end higher despite drag from IBM