Colgate earnings to be cut by Venezuelan currency devaluation

  • Rate this Story
  • 0
  • 0

February 12, 2013 12:42 AM EST

Colgate-Palmolive Co said on Monday it will incur a one-time loss of $120 million, or 25 cents per share, in the first quarter of 2013, related to the devaluation of the Venezuelan currency.

In addition, Colgate expects earnings to be reduced by 5 cents to 7 cents per share per quarter in 2013, due to the translation of financial statements at the new Venezuelan exchange rate.

The devaluation will not have any impact on its 2012 results, or its financial position, Colgate said.

(Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick)

  • Rate this Story
  • 0
  • 0
Copyright 2012 Thomson Reuters. All rights reserved.

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.