April 29, 2010 / 11:17 AM / 7 years ago

UPDATE 1-Colgate profit falls due to Venezuela charge

1 Min Read

* q1 Eps

* Sales rise 9.5 pct to $3.83 bln; up in every division

* Still sees double-digit earnings growth in 2010

CHICAGO, April 29 (Reuters) - Colgate-Palmolive Co (CL.N) posted a sharp rise in sales, but profit fell as it took a hefty charge to account for hyper-inflation in Venezuela.

The toothpaste maker said its results bode well for another year of double-digit earnings-per-share growth in 2010.

Colgate earned $357 million, or 69 cents per share, versus a profit of $508 million, or 97 cents per share, a year earlier. Excluding the charge related to Venezuela, profit rose to $628 million, or $1.21 per share.

Sales rose 9.5 percent to $3.83 billion, while the volume of goods sold rose 6 percent.

Colgate is about one-fifth the size of Procter & Gamble Co (PG.N), which also will report quarterly results on Thursday. (Reporting by Jessica Wohl, editing by Maureen Bavdek)

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