Global consumer products company Colgate-Palmolive (NYSE:CL – $65.59) reported worldwide net sales of $4.379 billion in the third quarter, a decrease of 0.5% versus third quarter 2013 and slightly below Street forecasts. Global unit volume grew 2.0%, pricing increased 1.5% and foreign exchange was negative 4.0%. However, organic sales, which exclude foreign exchange, acquisitions and divestments, grew 3.5%. Adjusted net income of $701 million, increased 3% versus the third quarter 2013 and per share earnings of $0.76 rose by 4% and in line with consensus. All operating divisions contributed to the sales growth, driven by positive unit volume growth and higher pricing. Organic sales grew 4.5% in emerging markets, despite economic challenges in certain countries. Geographically, sales in North America climbed 2%; Latin America decreased by 4.5%; Europe and South Pacific increased by 0.5%; and Asia was off by 1%. Hill’s Pet Nutrition business saw a 4% jump in sales thanks to increased pricing, volume gains in Russia and South Africa and new product introductions. Colgate’s leading global market shares in toothpaste and manual toothbrushes remain strong at 44.6% and 33.4%, respectively, on a year-to-date basis. C-P is also making progress with its new mouthwash product, with global market share reaching a record high at 16.9% year-to-date, up 40 basis points versus the year ago period. The shares of high-quality Colgate-Palmolive, yielding 2.2%, have decent total return potential, especially when viewed on a risk-adjusted basis.