Colgate-Palmolive Co. (CL) reported that its first-quarter net income attributable to the company declined to $460 million or $0.97 per share, from $593 million or $1.23 per share in the same quarter last year.
Net income in first quarter 2013 included a one-time aftertax charge of $111 million or $0.23 per share related to the remeasurement of the Venezuelan balance sheet as a result of the currency devaluation on February 9, 2013. Net income in first quarter 2013 also included $55 million or $0.12 per share of aftertax charges resulting from the implementation of the previously disclosed four-year Global Growth and Efficiency Program and costs associated with the sale of land in Mexico.
However, on a non-GAAP basis, net income attributable to the company rose to $626 million or $1.32 per share, from $601 million or $1.24 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.32 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $4.31 billion from $4.20 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $4.30 billion for the quarter.
In light of the ongoing impact of the Venezuela currency devaluation in 2013, which the company still expect to be $0.05 to $0.07 per quarter, it continues to expect earnings per share to grow 5.5% to 6.5% for the year, on a dollar basis.
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