UPDATE: Colgate-Palmolive Posts Drop In Q1 Net Profit

Colgate-Palmolive Co

reported a drop in its first-quarter net earnings. Colgate-Palmolive's quarterly earnings slipped to $388 million, or $0.42 per share, versus a year-ago profit of $460 million, or $0.48 per share. On an adjusted basis, it earnings came in at $0.68 per share. Its sales came in at $4.33 billion, from $4.32 billion in the year-ago quarter. However, analysts were estimating earnings of $0.68 per share on sales of $4.32 billion. Colgate-Palmolive shares closed at $66.43 yesterday.