Asia, Africa power Colgate's Q2 show

NEW YORK: Colgate-Palmolive, the world’s largest toothpaste maker, said second-quarter profit rose 7.3%, helped by growth in Asia and Africa. The stock fell in early trading as sales trailed analysts’ estimates.

Net income climbed to $603 million, or $1.17 a share, from $562 million, or $1.07 a share, a year earlier, Colgate said in a statement on Thursday. Sales rose 1.8% to $3.81 billion, compared with a $3.94 billion estimate.

Colgate, which makes Palmolive dish liquid and Hill’s Pet Food, has expanded in emerging markets to boost growth. That’s also increased exposure to foreign exchange fluctuations, and the company said devaluation of Venezuela’s currency would cut full-year profit by up to 15 cents a share, instead of the ceiling of 10 cents previously announced.

Countries such as India, China and South Africa pushed second-quarter volume up 11.5% for the greater Asia/Africa division. North America sales increased 4.5%, while volume rose 5%, helped by new products such as Colgate Max White with Mini Bright Strips toothpastes.

In trading Thursday, Sony shares inched up 0.1% to 2,611 yen on the Tokyo Stock Exchange. It released earnings after the market closed.