Colgate cut its full-year gross margin guidance as a result. The company kept its sales and EPS guidance intact: net sales up 2% to 6%, organic sales up 1% to 4%. If crude stays elevated, the margin guidance cut from May won’t be the last one. A big chunk of last quarter’s 8.4% sales growth came from currency, not demand. Colgate chose to protect price over volume, and volume suffered.