UPDATE 4-Colgate profit tops view, shares rise

* Q4 EPS of $1 tops Wall St view 98 cents

* Colgate comfortable with Wall St view for quarter, year

* Shares rise 3.5 percent (Adds comments from conference call, updates stock activity)

By Jessica Wohl

CHICAGO, Jan 29 (Reuters) - Colgate-Palmolive Co (CL.N) posted a higher-than-expected quarterly profit, aided by growth in emerging markets, and said it concurred with Wall Street's profit forecasts for 2009, sending its shares up 3.5 percent.

Colgate said on Thursday it was comfortable with analysts' expectations that predict, on average, earnings-per-share growth of 9.3 percent. That is below the double-digit growth forecast that Colgate gave in late October.

But some analysts were pleased with Colgate's view for 2009, especially given the recession's toll on other consumer-goods companies. On Monday, Kimberly-Clark Corp (KMB.N) forecast a lower-than-expected 2009 profit [ID:nN26546558].

"Despite hearing about a gloomy macro outlook on consumer demand into 2009, Colgate thankfully affirmed the Street's outlook," said Wachovia analyst Jason Gere.

Colgate and other household product makers have sought to keep up interest in their brands as cash-conscious shoppers opt for lower-priced items. Colgate said it has not seen meaningful growth of cheaper private-label items in its categories.

Colgate said its namesake toothpaste gained market share in countries including the United States, Mexico, Brazil and China during the quarter. The company is introducing new toothpastes, Speed Stick deodorants and other products to attract U.S. shoppers.

The company expects to start seeing the benefit of lower commodity and oil costs in the first and second quarters, helping to alleviate the pressure of a stronger U.S. dollar, which lowers the value of international sales. Despite some easing costs, Colgate plans to raise some prices in 2009, including about a 10.5 percent increase on Hill's pet food.

Colgate said profit rose to $497 million, or 94 cents per share in the fourth quarter, from $414.9 million, or 77 cents per share, a year earlier.

Excluding restructuring charges, Colgate earned $1 per share, up from 91 cents a year earlier and topping analysts' average forecast of 98 cents per share, according to Reuters Estimates.

SLIGHT VOLUME GROWTH

Sales rose 0.5 percent to $3.66 billion. Volume rose 1 percent. In Latin America, the company's largest unit, sales rose 5.5 percent and volume rose 5 percent.

JP Morgan analyst John Faucher said the sales growth in Latin America topped his expectations.