(Boursier.com) — Colgate-Palmolive, the American giant of consumer products, cleaning and hygiene, failed to reach the sales consensus for the quarter ended, despite an 11.5% price increase! Inflationary pressures pushed up costs and the strength of the dollar weighed. The company posted net income of $618 million, or 74 cents per share, for the quarter, compared with $634 million, or 75 cents per share, a year earlier. Adjusted earnings per share were 74 cents, versus a FactSet consensus of 73 cents. Sales rose just 1% to $4.45 billion, scant loot given the price increases. Diluted EPS fell by 1%. The group now expects annual growth in the middle of a range of 1 to 4%, with a negative impact of 5% from currency effects and a modest profit from the acquisition of Red Collar. Annual organic growth is still expected to be between 6 and 7%. Under GAAP, gross margin is expected to decline, but EPS is expected to grow by double digits.
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