Colgate-Palmolive reported a 9.5% jump in revenues for the first quarter of 2010, with sales increases in all of its divisions. Net income for the quarter, however, plunged 30% to $357 million, versus $508 million for the same quarter a year ago.
Despite sales of $3.8 billion, the company's net income was impacted by an after-tax charge of $271 million related to "hyperinflationary accounting in Venezuela" in January following the devaluation of the Bolivar currency, according to the company.
"We are delighted that Colgate's global market shares in toothpaste and manual toothbrushes are both at record highs year to date," said Ian Cook, chairman, president, and CEO of Colgate-Palmolive. "Colgate's share of the global toothpaste market strengthened to 44.4% year to date, led by share gains in Mexico, Brazil, China, India, Russia, Venezuela, and Greece."
Colgate also strengthened its global leadership in manual toothbrushes, with its global market share in that category reaching 31.5% year to date, he added.
"Overall, we are very pleased to have delivered another quarter of strong results on both the top and bottom lines, despite difficult economic conditions around the world."
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