Colgate Warns, Shares Drop 11 Percent

　　高露洁（Colgate）警告称，下半年利润可能将低于预期，部分原因是为对抗全球竞争而大幅增加营销支出。该股受预警消息打击狂跌11%。公司首席执行官ReubenMark在电话会议上斩钉截铁地表示，如果为了与竞争对手对抗而采取的措施导致短期内的利润减少，他毫无怨言。

Colgate-Palmolive Co. on Monday issued its first formal profit warning in almost a decade, citing higher marketing spending and raw-material costs, sending its shares down 11 percent to a four-year low.

The warning's timing surprised financial analysts, who argued that the impact of higher prices of resin , pet food ingredients and other raw materials, as well as the increased marketing spending, should have been apparent earlier. "That's the question that has everybody scratching their head right now," said William Chappell, analyst at SunTrust Robinson Humphrey. He noted that Colgate had made a public presentation at an investor conference 12 days ago without lowering its profit forecast. The maker of Colgate toothpaste, Irish Spring soap and other products has made clear in recent months that it would spend aggressively on marketing and promotion to maintain or increase market share, with cost-cutting programs helping fuel the accelerated marketing. Colgate forecast earnings per share of 57 to 59 cents in both the third and fourth quarters. Analysts' average forecasts are 67 cents per share for the third quarter and 68 cents per share for the fourth quarter, according to Reuters Estimates. The company said last December it had lost its focus in the United States oral-care market as it focused on introducing a tooth-whitening product which had disappointing sales. The company has been in a fierce battle with Procter & Gamble Co. in the U.S. toothpaste market. "I think they (P&G) have been more aggressive on the marketing and advertising in the past and Colgate is playing catch-up," Chappell said. Chappell, who rates Colgate shares "buy," added: "We think there's value for longer-term shareholders, but don't think there's any near-term catalysts ."