Spending on oil byproducts, which covers resins, petrochemicals, fats, and oils, is running more than 20% higher year over year. 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%. Pet nutrition has held up well, and consumers tend to cut spending on themselves before they cut spending on their pets. If crude stays elevated, the margin guidance cut from May won't be the last one.