Colgate Reconfirms External Earnings Estimates for 1st Quarter 2004
February 09 2004 - 11:07AM
PR Newswire (US)
Colgate Reconfirms External Earnings Estimates for 1st Quarter 2004
NEW YORK, Feb. 9, 2004 /PRNewswire-FirstCall/ -- Colgate-Palmolive
Company announced that the estimated first quarter cost of today's
widely anticipated Venezuelan devaluation willbe absorbed and that
the Company remains comfortable with external earnings estimates.
Reuben Mark, Chairman and CEO said, "We entered 2004 with
considerable and encouraging momentum, so we remain comfortable
with first quarter external estimates. Itis also our expectation
that this momentum and our aggressive global cost savings activity
will offset the full year devaluation cost as well." Venezuela
represented 3% of Colgate's worldwide operating profit in 2003.
Estimated cost to the Company of today's devaluation of the
Venezuelan Bolivar from 1598 to 1920 to the dollar is $.01 per
share for the first quarter and up to a maximum of $.04 per share
for full year 2004. *** About Colgate-Palmolive: Colgate-Palmolive
is a leading global consumerproducts company, tightly focused on
Oral Care, Personal Care, Household Surface Care, Fabric Care and
Pet Nutrition. Colgate sells its products in over 200 countries and
territories around the world under such internationally recognized
brand names as Colgate, Palmolive, Mennen, Softsoap, Irish Spring,
Protex, Sorriso, Kolynos, Ajax, Axion, Soupline, Suavitel and Fab,
as well as Hill's Science Diet and Hill's Prescription Diet pet
foods. For more information about Colgate's global business, visit
the Company's website at http://www.colgate.com/. This press
release (other than historical information) may contain
forward-looking statements. Actual events or results may differ
materially from those statements. Investors should consult the
Company's filings with the Securities and Exchange Commission
(including the information set forth under the caption "Cautionary
Statement on Forward-Looking Statements" in the Company's Form 10-K
for the year ended December 31, 2002) for information about factors
that could cause such differences. Copies of these filings may be
obtained upon request from the Company's Investor Relations
Department or the Company's website on the internet at
http://www.colgate.com/. DATASOURCE: Colgate-Palmolive Company
CONTACT: Bina Thompson, +1-212-310-3072, or Hope Spiller,
+1-212-310-2291, both of Colgate-Palmolive Company Web site:
http://www.colgate.com/
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