This article was originally published in The Rose Sheet
Firm will continue to step up media and commercial efforts in 2005, but intends to prioritize spending, resulting in a smaller increase compared with this year, CEO Reuben Mark says during Oct. 20 third quarter sales and earnings call. Colgate recently revised its forecast to reflect lower than expected earnings as a result of the increased spending, which has, however, contributed to market share gains and higher volume ("1The Rose Sheet" Sept. 27, 2004, p. 8). Recently launched Max Fresh toothpaste helped Colgate achieve a 37.3% market share in the toothpaste category in September, firm points out. Worldwide sales grew 6.8% to $2.7 bil., but net income fell nearly 10% to $329 mil. and diluted earnings per share dropped 7.9% to $.58. Third quarter North American sales in the oral, personal and home care divisions increased 3.8% to $623.3 mil., and operating profit grew 4.7% to $137.2 mil. Colgate also announced it will buy back 20 mil. shares of the firm's stock by the end of 2005...
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