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Colgate earnings to be cut by Venezuelan currency devaluation
February 11, 2013 / 1:30 PM / 5 years ago

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.

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