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Colgate-Palmolive lowers profit view as foreign exchange hits
July 25, 2013 / 11:30 AM / 4 years ago

Colgate-Palmolive lowers profit view as foreign exchange hits

(Reuters) - Colgate-Palmolive Co (CL.N) posted lower quarterly profit as the impact of the stronger dollar pressured its international business, and lowered its 2013 earnings forecast as Latin American sales slipped.

A display of Colgate toothpaste is seen on a store shelf in Westminster, Colorado April 26, 2009. REUTERS/Rick Wilking

The consumer products maker said on Tuesday that profit fell to $561 million, or 60 per share, from $627 million, or 65 cents per share, a year earlier.

Sales rose 1.9 percent to $4.35 billion, below the $4.39 billion analysts expected, according to Thomson Reuters I/B/E/S. Unfavorable foreign exchange lowered sales by 3 percentage points.

Citing the impact of February’s devaluation of the Venezuelan bolivar, Colgate now expects earnings per share to rise 4.5 percent to 5.5 percent for the year, down one percentage point from its previous forecast.

Reporting by Phil Wahba in New York and Jessica Wohl in Chicago; Editing by Jeffrey Benkoe

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