Colgate-Palmolive, which makes Colgate toothpaste and Palmolive soap, said its third-quarter profit rose 22 percent on strong sales across all regions and improved cost controls.

"Volume growth remains healthy and cost savings remains a key focus area for management," said Goldman Sachs analyst Amy Low Chasen in a note to investors on Tuesday. She rates the stock "Buy."

Meanwhile, Procter & Gamble Co. which makes Pantene shampoo and Pampers diapers and other products, said its first-quarter profit rose 14 percent, but warned rising commodity, energy and product-investment costs will hurt its second-quarter margins.

Chasen said results showed a "solid" quarter. Chasen recommended Colgate-Palmolive and Procter & Gamble to investors looking for defensive stocks.

Colgate-Palmolive shares rose 62 cents to $74.88, after earlier trading to a 52-week high of $76.23. Procter & Gamble shares fell $3.23, or 4.5 percent, to $68.60 during morning trading. The stock has traded between $60.42 and $73.05 during the past 52 weeks.

Elsewhere in the sector, shares fell.

Kimberly-Clark Corp. shares fell 22 cents to $70.25.

Energizer Holdings Inc. shares fell $6.72, or 6 percent, to $104.10 during morning trading, after reporting earnings rose 54 percent but fell short of analyst expectations.

Spectrum Brands Inc. shares were unchanged at $4.31. Clorox Co. shares fell 23 cents to $61.10.