Colgate-Palmolive To Cut More Than 2,000 Jobs

Colgate Palmolive job cuts

Colgate-Palmolive Co. unveiled a cost-cutting plan on Thursday that included cutting its workforce by the end of 2016 by about 6 percent.

The toothpaste maker, which has some 38,600 employees, also posted a higher quarterly profit that met analyst expectations.

Third-quarter profit was $654 million, or $1.36 per share, compared with a profit of $643 million, or $1.31 per share, a year earlier.

Excluding items, earnings of $1.38 per share matched analysts' expectations, according to Thomson Reuters I/B/E/S. During the quarter, Colgate spent more on advertising to entice shoppers as it raised prices.

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Pricing was up 3 percent and volume rose 2 percent.

Sales fell 1 percent to $4.33 billion. Organic sales, which strip out the impact of foreign exchange, acquisitions and divestitures, rose 5 percent.

Colgate still expects 2012 earnings per share to grow at a double-digit rate, excluding the impact of currency fluctuations.

The restructuring program should lead to after-tax charges of $775 million to $875 million, starting with $90 million to $100 million of charges coming in the fourth quarter 2012.

Colgate said it should save $275 million to $325 million after tax annually by the fourth year of the plan.





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Mr. Phelps

Remember to check the lable the next time it might be made in China.

October 26 2012 at 3:02 PM Report abuse rate up rate down Reply
giftsbasketsetc

Thanks Obama!

October 26 2012 at 11:53 AM Report abuse rate up rate down Reply
rnrinnie1

ANOTHER CEO FOR ROMNEY..

October 26 2012 at 10:54 AM Report abuse -1 rate up rate down Reply
metlcat

This is happening more and more. These companies keep letting go employes and giveing the ceos and execs raises. This needs to stop. Please boycott colgate-palmolive show this company that if they want to do business in this country they need to support this country

October 26 2012 at 10:49 AM Report abuse +2 rate up rate down Reply
swtdreamluvr

make the welfare people pull weeds clean crappers,pick up trash before they get a free check .my guess is they'll find a job.

October 26 2012 at 10:48 AM Report abuse -1 rate up rate down Reply
1 reply to swtdreamluvr's comment
rnrinnie1

YOU WOULD BE A REPUKLICIAN AND AS USUAL YOU WOULD BE WRONG...

October 26 2012 at 10:56 AM Report abuse -1 rate up rate down Reply
hardingoffice

all the lost moneys in wages to working folks will go to the wealthy in dividends! you know the capital gains taxes that are 15% not the SS and Medicare taxes paid by employees and the FWT and SWT also paid by employees into a system for employees we need to raise the capital gains taxes to 50% and make them pay both sides of the SS and Medicare taxes corps would keep employees and banks would have to be vanks again becasue corps would have to borrow money instead of raise it with investors

October 26 2012 at 10:19 AM Report abuse rate up rate down Reply
Dmande6304

every politician running for office claim they're going to create jobs, I'd dearly love to see how they plan on doing that short of building their own factory and hiring the unemployed, they're a worthless bunch of car salespeople ( liars)

October 26 2012 at 6:07 AM Report abuse +1 rate up rate down Reply
1 reply to Dmande6304's comment
michael6179

In my opinion, I like to look at the Reagan model..He cut taxes across the board. The thinking is this..Just for the sake of discussion. You make $2000 per week. The government currently takes 40% in Fed, State and local taxes. So your take home pay is $1200 per week. Under Reagan tax cuts, if you make $2000 per week, you take home $1500 per week or and additional $1200 per month of additional income you now have..What do you do? If you own a small business you may hire more workers, buy a new piece of equipment, open a second location, or you can buy yourself a new car, do renovations on your home, take a nice long vacation, buy a boat, or a vacation home...All these options do one thing...pump money into the economy...That not only stimulates the economy, but increases revenue to the treasury...This is Romneys plan right now...I for one could use extra money..

October 26 2012 at 10:40 AM Report abuse +1 rate up rate down Reply
Mike Abel

made in America . poverty welfare and greed

October 26 2012 at 4:39 AM Report abuse rate up rate down Reply
leview2

profits way up; double-digit earnings increases yet lay off thousands of American workers?? Why ? One $$billion profit isnt enough for greedy shareholders and CEO pay packages. If stockholders would be satisfied with SAME profits as last year instead of demanding MORE MORE MORE- we would not have so much unemployment. Simple arithmetic. $$$payols goes to stockholders that could have gone to employees...fire tham and more $$dough for $$Capitalists

October 26 2012 at 4:24 AM Report abuse rate up rate down Reply
1 reply to leview2's comment
llschnaib

sheesh, un less they own thousands of shares, no one get rich off of stock dividends. The value of the stock is in the stock price itself. The bigger profit they can show, the more desireable the stock will be, and the higher the price will go. Once upon a time, stock was issued so a company could raise capital to invest in itself to increase production, mondernize or hire more workers. Now it just goes into the pockes of the CEO's and other company officers in obscene salaries and bonuses.

October 26 2012 at 9:34 AM Report abuse +2 rate up rate down Reply
masterp50

I SEE ALOT OF SHEEP

October 26 2012 at 1:26 AM Report abuse +1 rate up rate down Reply

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