Colgate-Palmolive beats by a penny; sales decline forecast

Colgate-Palmolive (NYSE: CL) on Thursday posted second-quarter earnings that were better than expected by a penny a share.

Colgate reported earnings excluding items of 70 cents a share on revenue of $3.845 billion.

Analysts polled by Reuters had expected adjusted earnings of 69 cents a share on revenue of $3.86 billion.

Quarterly organic sales grew 4.5 percent in the quarter. North America sales rose 2.0 percent, while Latin America sales sank 16.5 percent.

"As we look ahead, macroeconomic conditions and foreign exchange volatility remain challenging. We expect a low-to-mid-single-digit net sales decline for the year due to continued currency headwinds," Ian Cook, Colgate's chairman, president and CEO, said in a statement. "Despite this, we continue to anticipate another year of solid organic sales growth in 2016, driven by a full new product pipeline across all categories and geographies."

— Reuters contributed to this report.

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