Colgate-Palmolive 3Q profit rises 18 percent

Consumer products maker Colgate-Palmolive Co.'s third-quarter profit rose 18 percent as new products took market share and shoppers continued to pay higher prices for its products.

The maker of toothpaste, dish soap and Ajax cleanser said Thursday that it earned $590 million, or $1.12 per share, in the quarter that ended in September. A year ago, Colgate earned $500 million, or 94 cents per share.Revenue rose to $4 billion from $3.99 billion, helped by a 5 percent rise in prices worldwide. Colgate has raised prices to keep up with higher ingredient costs.Analysts polled by Thomson Reuters expected $1.11 per share and lower revenue of $3.94 billion.The amount of products sold rose 1.5 percent as consumers appeared willing to spend more for their products. Many shoppers have been trading down to cheaper items to save money. Personally I use colgate and I can understand