(By Balachander) Colgate-Palmolive Co. (NYSE: CL) reported better-than-expected quarterly earnings and the consumer products giant forecast profit per share growth in double-digits for 2013 on a dollar basis amid gross margin expansion.
On a non-GAAP basis, earnings per share increased 8 percent to $1.41 for the fourth quarter and topped Wall Street projections by a penny.
GAAP earnings attributable to Colgate-Palmolive grew 1 percent to $598 million.
Net sales rose 3 percent to $4.29 billion, while analysts expected a growth of 3.30 percent.
Global unit volume rose 1.5 percent and organic sales increased 4 percent.
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Gross profit margin improved 90 basis points to 58.6 percent on a non-GAAP basis.
Colgate said its share of the global toothpaste market strengthened 0.5 share points to 44.6 percent year to date. Manual toothbrushes market reached 32.7 percent, up 0.8 share points from the same quarter last year.
The stock, which has been trading in the 52-week range of $89.77 to $111.37, ended at $110.85 on Wednesday.