Colgate profit rises, plans to cut 2,300 jobs - MarketWatch

Colgate profit rises, plans to cut 2,300 jobs - MarketWatch

 Colgate-Palmolive Co. CL +0.03% said Thursday its third-quarter profit rose to $654 million, or $1.36 a share, from $643 million, or $1.31 a share, in the year-ago period. Adjusted profit in the latest quarter totaled $1.38 a share. Sales fell 1% to $4.33 billion. Wall Street analysts expected the company to earn $1.38 a share on sales of $4.38 billion, according to a survey by FactSet. "We are delighted that gross profit margin increased by 180 basis points during the quarter, the largest expansion we have seen in ten quarters," the company said. Separately, Colgate set plans to cut its work force by the end of 2016. The targeted head count reduction figure is 6% of its 38,600-employee work force, or 2,316 positions. Colgate said the moves will save $365 million to $435 million annually by the fourth year of the program.

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