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Colgate-Palmolive Co. forecast a surprise fall in 2019 profit on Friday, as the world’s largest toothpaste maker spent more on advertising, while battling higher commodity costs.

The company’s share fell 3 per cent to 60.4 before the bell.

Colgate is spending more on advertising as it battles competition from brands such as Procter & Gamble’s Oral-B and Unilever’s Close Up, especially in emerging markets.

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Like other consumer goods companies, Colgate has also struggled with rising commodity costs in the last year, forcing it to raise prices in many markets.

Colgate said it expects a mid-single-digit decline in earnings per share in 2019, excluding certain charges, while analysts were expecting a 2.4 per cent rise, according to IBES data from Refinitiv.

For the fourth quarter, Colgate’s adjusted net income fell 3 per cent to $638 million. On a per-share basis, it earned 74 cents, beating analysts’ estimates of 73 cents, according to IBES data from Refinitiv.

Net sales fell to $3.81 billion from $3.89 billion, beating estimates of $3.77 billion.

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