Colgate-Palmolive 3Q profit rises 18 percent

NEW YORK (AP) - Consumer products maker Colgate-Palmolive Co.'s third-quarter profit rose 18 percent as new products took market share and shoppers continued to pay higher prices for its products.

The maker of toothpaste, dish soap and Ajax cleanser said Thursday that it earned $590 million, or $1.12 per share, in the quarter that ended in September. A year ago, Colgate earned $500 million, or 94 cents per share.

Revenue rose to $4 billion from $3.99 billion, helped by a 5 percent rise in prices worldwide. Colgate has raised prices to keep up with higher ingredient costs.

Analysts polled by Thomson Reuters expected $1.11 per share and lower revenue of $3.94 billion.

The amount of products sold rose 1.5 percent as consumers appeared willing to spend more for their products. Many shoppers have been trading down to cheaper items to save money.

Colgate, which is based in New York, also gained market share in its namesake toothpaste in the U.S., Mexico, Brazil, China, India and Russia.

Sales rose 3 percent in North America, which represents 19 percent of Colgate's total revenue. The company rolled out new products, such as Softsoap body butter apricot scrub and Ajax lime with bleach alternative dish soap.

Revenue rose 5 percent in Latin America, but declined 5.5 percent in Europe and the South Pacific because of the effect of foreign currency.

Sales from Hill's Science Diet pet food rose 1.5 percent as the company raised prices 4.5 percent.

Colgate didn't give a detailed outlook but forecast double-digit earnings-per-share growth in 2010.