P&G; says it plans an increase in prices

Get ready to pay more for Pampers diapers, Charmin toilet paper, Ivory soap and Olay skin care products.

Procter & Gamble Co. said Tuesday that it would raise prices 5% or more on certain products over the next several months as it passes along some of its rising costs for oil and raw materials.

P&G;’s chief rival, Colgate-Palmolive Co., said it would consider price hikes as well, but it did not name any products that might be affected except for Hill’s pet food.

The price hikes were disclosed by the companies as part of their comments on their quarterly financial results, which were released Tuesday.

Both P&G; and Colgate reported big jumps in profit, but their stock prices went in opposite directions.

Shares of New York-based Colgate rose 1.4% after the maker of Colgate toothpaste, Palmolive dishwashing liquid and Irish Spring soap posted a 22% increase in profit for the third quarter.

Shares of its bigger Cincinnati-based competitor, whose brands include Tide detergent, Gillette shavers and Crest toothpaste, dropped 4% after P&G; reported a 14% profit rise for its first fiscal quarter.

Colgate’s earnings climbed to $420.1 million, or 77 cents a share, from $344.1 million, or 63 cents, the previous year. Quarterly revenue rose 12% to $3.5 billion from $3.1 billion.

P&G;, meanwhile, said net income grew to $3.1 billion, or 92 cents a share, from $2.7 billion, or 79 cents, a year ago. Quarterly sales rose 8% to $20.2 billion from $18.8 billion.

P&G; said it expected profit margins to be lower temporarily because of higher commodity and energy costs and investments in concentrated formulas of Tide and other liquid detergents in smaller containers.

P&G; plans to pass along some of its rising costs for oil and raw materials by raising prices on products including Pampers diapers, Charmin toilet paper and Olay and Ivory personal cleansing products.

Both companies reported broad-based growth and strong overseas sales, helped by the weaker dollar.

Shares of P&G; sank $2.88 to $68.95, and Colgate stock hit a 52-week high, rising $1 to $75.26.