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Colgate-Palmolive profit slips, records charge related to Venezuela exchange rate

  • Colgate-Palmolive (CL) -0.8% premarket after Q1 earnings met estimates but were hurt by a one-time $174M charge ($0.19/share) related to the fall in value of the Venezuelan bolivar.
  • All operating divisions contributed to a 6.5% organic sales growth in the quarter, led by an 11% increase for Latin America and 7.5% for Asia; but net sales in Latin America, which accounts for ~27% of company sales, fell 5%.
  • Gross margin widened slightly to 58.4% from 58.3%, as higher raw and packaging material costs offset higher pricing and cost savings.
  • CL says it expects another year of strong organic sales growth and gross margin expansion for 2014, with EPS to grow 4%-5% on a dollar basis and at a double-digit rate on a currency neutral basis.
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