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Colgate profit falls on Venezuela, restructuring charges
April 25, 2013 / 11:47 AM / in 5 years

Colgate profit falls on Venezuela, restructuring charges

(Reuters) - Colgate-Palmolive Co (CL.N) posted lower quarterly profit on Thursday as sales grew but the recent devaluation of the Venezuelan bolivar led to a hefty charge.

A worker arranges Colgate products on a shelf at a supermarket in Caracas February 12, 2013. REUTERS/Jorge Silva

Colgate, best known for its namesake toothpaste, earned $460 million, or 97 cents per share, in the first quarter, down from $593 million, or $1.23 per share, a year earlier. The latest period included a one-time aftertax charge of $111 million, or 23 cents per share, from remeasuring its Venezuelan balance sheet due to the country’s currency devaluation in February. It also included aftertax restructuring charges of $55 million, or 12 cents per share.

Reporting by Jessica Wohl in Chicago; Editing by Jeffrey Benkoe

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