Colgate-Palmolive quarterly sales miss estimates

(Reuters) - Colgate-Palmolive Co reported on Friday lower -than-expected sales on slower growth and a drop in profit on a charge related to the new U.S. tax law.

The world's largest toothpaste maker's shares were down 3 percent at $74.90 in premarket trading.

The company said sales rose 4.5 percent to $3.9 billion in the fourth quarter ended Dec. 31. Analysts on average had expected sales of $3.92 billion, according to Thomson Reuters I/B/E/S.

Net income plunged to $323 million, or 37 cents per share, from $606 million, or 68 cents per share.

The company took a charge of $275 million as a result of the U.S. tax reform.

 

Profit, excluding charges, was 75 cents per share, in line with analysts' estimates.

(Reporting by Sangameswaran S in Bengaluru; Editing by Maju Samuel)