US firms overcome commodity costs

Non-US sales of products helped boost earnings at P&G and Colgate

Sales of new products and cost cuts helped Proctor & Gamble and smaller rival Colgate Palmolive to shrug off high commodity costs over the quarter.

Profits at the household goods to babycare firm P&G jumped 14% to $3.1bn (£1.5bn) from July to September.

The firm behind Pampers nappies, Ariel and Gillette razors also benefited from a weak dollar, which boosted the value of non-US sales.

The favourable exchange rate was also beneficial for Colgate.

Colgate, the maker of the eponymous toothpaste and Hill's Science Diet pet food said profit was $420.1m for its third quarter, compared with $344.1m a year earlier.

The New York firm is about three years into a four-year restructuring program, with the savings boosting the company's marketing budget.