UPDATE: Colgate-Palmolive Posts Drop In Q2 Profit

Colgate-Palmolive Co

reported a drop in its second-quarter profit. Colgate-Palmolive's quarterly profit declined to $561 million, or $0.60 per share, versus a year-ago profit of $627 million, or $0.65 per share. Excluding one-time items, its adjusted earnings climbed to $0.70 per share. Its net sales increased to $4.35 billion from $4.27 billion. However, analysts were projecting earnings of $0.70 per share on revenue of $4.39 billion. Colgate-Palmolive shares closed at $58.47 yesterday.