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Colgate beats estimates
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April 19, 2000: 8:45 a.m. ET
Household products maker gets Latin America boost to higher 1Q net
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NEW YORK (CNNfn) - Boosted by a jump in Latin American sales, consumer products maker Colgate-Palmolive Co.'s first-quarter earnings beat analysts' forecasts by a penny.
The New York-based company said net income jumped 19 percent to $239.9 million, or 38 cents per diluted share, up from $208.9 million, or 32 cents per share in the first quarter of 1999. The company was expected to earn 37 cents, according to analysts' estimates compiled by First Call.
Worldwide sales for Colgate-Palmolive (CL: Research, Estimates) increased 3 percent to $2.24 billion.
Sales in Colgate-Palmolive's Latin American businesses increased 10 percent, comprising 26 percent of company sales. The company attributed the gain to healthier Latin American economies and new product activity, including the launch of its Colgate Fresh Confidence gel toothpaste.
North America sales rose 5 percent and comprised 24 percent of global sales, while European sales declined 8 percent and comprised 21 percent of global sales. According to the company, decline in European sales was due mainly to the fall in the euro -- on a flat currency basis, sales actually rose 3 percent.
"All operating and financial ratios by which we measure profitability and momentum improved versus the year-ago quarter," Colgate Chairman and CEO Reuben Mark said in a statement.
Brands of Colgate-Palmolive include Colgate oral care products, Palmolive soap and Irish Spring.
The company's stock fell 2-3/8 to 55-1/4 in Tuesday trading. 
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Colgate
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