UPDATE: Colgate-Palmolive Q2 Profit Meets Estimates

Colgate-Palmolive Co

reported in-line earnings for the second quarter. The New York-based company posted quarterly earnings of $622 million, or $0.67 per share, versus $561 million, or $0.60 per share, in the year-earlier quarter. Its adjusted earnings rose 4% to $0.73 per share in the quarter. Its sales came in at $4.352 billion, versus $4,346 million in the year-ago period. However, analysts were expecting earnings of $0.73 per share on revenue of $4.40 billion. North America net sales rose 1.0% in the quarter, while Latin America net sales slipped 4.0%. Europe/South Pacific net sales surged 6.0%, while Asia net sales dropped 1.5%. Africa/Eurasia net sales declined 1.0% in the quarter. Its gross profit margin widened to 58.6% from 58.3%. Operating profit rose 8% to $980 million from $906 million. Ian Cook, Chairman, President and Chief Executive Officer, said, “We are pleased to have achieved another quarter of broad-based organic sales growth and higher profitability.” Colgate-Palmolive expects 2014 EPS to rise 4%-5% on a dollar basis. Colgate-Palmolive shares dropped 2.66% to $64.35 in pre-market trading.