Colgate-Palmolive meets expectations in first quarter of 2011

Colgate-Palmolive has reported that its first-quarter financial performance for 2011 has fallen in line with internal expectations.

The dental products manufacturer generated net sales of $3.99 billion (2.42 billion pounds), representing a year-on-year rise of 4.5 percent, while earnings levels met expectations despite difficult trading conditions.

Its share of the global toothpaste and manual toothbrush markets are at record highs for the year to date, while advertising spending rose as the company seeks to consolidate its position.

Ian Cook, chairman, president and chief executive officer of Colgate-Palmolive, said the firm will continue to focus on cost savings as it aims to achieve growth in a competitive environment.

He added that the company "anticipates that the benefits from those programmes combined, with our global pricing efforts, will help us achieve our profit target of mid-single digit earnings per share growth for the year".

Earlier this year, Colgate-Palmolive predicted a rise in earnings for 2011 as a whole, based on the new products it plans to launch during the year.