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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Procter and Gamble Co | NYSE:PG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.05 | 0.65% | 162.71 | 163.35 | 161.60 | 161.86 | 8,106,082 | 23:39:17 |
By John Kell
Consumer-products giant Colgate-Palmolive Co. warned it could book one-time losses between $180 million to $200 million tied to Venezuela's recent moves related to the exchange rate for foreign investments.
The warning comes several days after peer Procter & Gamble Co. trimmed its fiscal 2014 profit estimate, citing the devaluation of Venezuela's bolívar. Procter & Gamble also warned results for the fiscal year ending June 30 would be tempered by the devaluation of the Argentine peso and other foreign currencies against the U.S. dollar.
If the rate applied to foreign businesses were to be applied during the quarter ended March 31, Colgate-Palmolive estimated after-tax losses between 19 cents to 21 cents a share.
Meanwhile, the Venezuelan government late last month also announced a new law on pricing, establishing a maximum 30% profit margin. At this time, Colgate-Palmolive said it was unclear how that new law may affect its current pricing strategy in the region.
Shares were down 0.5% to $62.11 in after-hours trading.
Write to John Kell at john.kell@wsj.com
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