Companies can't have exceptional quarters all the time. You won't always read about double-digit increases in the top, operating, and bottom lines, but that doesn't necessarily mean that a company isn't a viable long-term idea. That was my line of thinking as I reviewed Colgate-Palmolive's (NYSE:CL) first-quarter results, as summarized by our Fool by Numbers roundup.

For the first quarter, the Motley Fool Inside Value pick increased revenues by 4.7%, to nearly $2.9 billion. Operating income increased 5% to $517.5 million. Net income increased 8% to $324.5 million, or $0.59 per diluted share. These values include stock expenses and restructuring effects.

According to Fool by Numbers, the gross margin dipped a bit, dropping 0.35 percentage points to 54.47%. The operating margin and the net margin saw increases, however; the former increased 0.07 points to 18.03%, while the latter increased 0.36 points to 11.3%. I wish the gross margin had remained stable, but since the other metrics increased, I don't think there's anything to panic about.

The cash flow numbers could have been better; no one wants to see decreases here, but as I stated at the beginning, you won't always get what you want. Cash from operations decreased 10%, coming in at $383 million, and free cash flow dropped 9.2%, for a total of $331 million. Tax considerations hurt the company's prospects for this section of the report.

OK, so there wasn't as much green this time around (nor in the previous annual report, where free cash flow was flat). Still, Colgate-Palmolive's free-cash generation was more than enough to cover the dividends paid to shareholders. The company paid out about $152 million, versus the $128 million doled out in last year's similar quarter. Better still, it reduced total debt by 7.1%, to $3.5 billion.

I like big-brand companies, and Colgate-Palmolive certainly fits that description. Every portfolio should have some businesses that deal with the consuming masses on a daily level; it helps to ensure a defensive posture when a recession rears its ugly head. In addition, history suggests that Colgate-Palmolive has a good reputation for dividend commitment. Back in 1996, the company was paying almost $0.12 per share on a quarterly basis. The quarterly payment currently stands at $0.32 per share per quarter. That kind of appreciation is awesome.

Overall, I believe that these statistics indicate that Colgate-Palmolive is steering itself through this period of commodity inflation reasonably well. The company is also holding its own in a very competitive sector; Procter & Gamble (NYSE:PG) and Clorox (NYSE:CLX) -- also a couple of wonderful investment ideas -- will always present a risk to Colgate-Palmolive shareholders, as will private-label brands. Still, for the patient investor who holds through many business cycles and consistently reinvests the constantly rising dividend, the rewards could be quite significant.

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Fool contributor Steven Mallas owns none of the companies mentioned. The Fool has a disclosure policy.